ASTRA E 20131231Final - SSQ Groupe financier of contents Page ASTRA Money Market Fund 3 ASTRA...

BRA724A-2 (2014-02)

ASTRA FUNDSAudited Financial Statements December 31, 2013

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Table of contents

Page ASTRA Money Market Fund ................................................................................................................................................................................... 3 ASTRA Treasury Fund ............................................................................................................................................................................................ 7 ASTRA Fiera Capital Bond Fund .......................................................................................................................................................................... 12 ASTRA OAM Bond Fund ...................................................................................................................................................................................... 15 ASTRA PIMCO Bond Fund ................................................................................................................................................................................... 18 ASTRA Bond Index Fund ...................................................................................................................................................................................... 21 ASTRA Conservative Strategy Fund..................................................................................................................................................................... 24 ASTRA Balanced Strategy Fund........................................................................................................................................................................... 27 ASTRA Growth Strategy Fund .............................................................................................................................................................................. 30 ASTRA Aggressive Strategy Fund ........................................................................................................................................................................ 33 ASTRA Celestia Conservative Fund ..................................................................................................................................................................... 36 ASTRA Celestia Balanced Fund ........................................................................................................................................................................... 39 ASTRA Celestia Growth Fund .............................................................................................................................................................................. 42 ASTRA Celestia Aggressive Fund ........................................................................................................................................................................ 45 ASTRA Conservative Fundamental Portfolio Fund ............................................................................................................................................... 49 ASTRA Balanced Fundamental Portfolio Fund ..................................................................................................................................................... 52 ASTRA Growth Fundamental Portfolio Fund ........................................................................................................................................................ 55 ASTRA Aggressive Fundamental Portfolio Fund .................................................................................................................................................. 58 ASTRA Sprott / Fiera Capital Canadian Balanced Fund ...................................................................................................................................... 62 ASTRA Fidelity Canadian Asset Allocation Fund ................................................................................................................................................. 65 ASTRA Dynamic Power Balanced Fund ............................................................................................................................................................... 68 ASTRA Acuity High Income Fund ......................................................................................................................................................................... 71 ASTRA UBS Global High Income Fund ................................................................................................................................................................ 74 ASTRA Guardian Canadian Dividend Equity Fund ............................................................................................................................................... 77 ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund ............................................................................................................................. 80 ASTRA Triasima Canadian Equity Fund ............................................................................................................................................................... 83 ASTRA Greystone Canadian Growth Equity Fund ............................................................................................................................................... 87 ASTRA Montrusco Bolton Canadian Equity Fund ................................................................................................................................................ 90 ASTRA Canadian Fundamental Equity Fund ....................................................................................................................................................... 94 ASTRA Canadian Index Fund ............................................................................................................................................................................... 97 ASTRA Canadian Small Cap Equity Fund .......................................................................................................................................................... 100 ASTRA MFS U.S. Equity Fund ........................................................................................................................................................................... 103 ASTRA Tradewinds U.S. Equity Fund ................................................................................................................................................................ 106 ASTRA U.S. Fundamental Equity Fund .............................................................................................................................................................. 110 ASTRA U.S. Index Fund ..................................................................................................................................................................................... 113 ASTRA International Equity Fund ....................................................................................................................................................................... 116 ASTRA Carnegie International Equity Fund ....................................................................................................................................................... 119 ASTRA International Fundamental Equity Fund ................................................................................................................................................. 123 ASTRA International Index Fund ........................................................................................................................................................................ 126 ASTRA Calamos Global Equity Fund ................................................................................................................................................................. 129 ASTRA Lazard Global Equity Fund..................................................................................................................................................................... 134 ASTRA Hexavest Hedged Global Equity Fund ................................................................................................................................................... 137 ASTRA Lazard Global Small Cap Equity Fund ................................................................................................................................................... 140 ASTRA Emerging Markets Fundamental Equity Fund ........................................................................................................................................ 143 ASTRA Lazard Global Infrastructure Fund ......................................................................................................................................................... 146 ASTRA Presima Global Real Estate Enhanced Yield Fund ............................................................................................................................... 149 ASTRA Morgan Stanley Global Real Estate Fund .............................................................................................................................................. 152 ASTRA CoreCommodity Management Commodity Fund ................................................................................................................................... 155 Notes to Financial Statements ............................................................................................................................................................................ 160 Independent Auditor's Report ............................................................................................................................................................................. 165 ASTRA Sigma Alpha Global Macro Fund ........................................................................................................................................................... 167 Independent Auditor's Report of ASTRA Sigma Alpha Global Macro Fund ....................................................................................................... 175 Financial Highlights ............................................................................................................................................................................................. 176

ASTRA MONEY MARKET FUND

FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

3

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 34,964 10,969 Cash 1,886 20 Receivables 3 5

36,853 10,994

Liabilities Bank overdraft - -Accounts payable 1,825 -

1,825 -

Net Assets 35,028 10,994

Net asset value per unit Class A 10.00 10.00Class C 10.00 10.00

Investments, at cost 34,964 10,969

OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 296 149 Management fee distribution received - -

296 149

Expenses (note 4) Management fees 80 86Administrative fees 5 6

85 92

Net investment income (loss) 211 57

Net realized gain (loss) on sale of investments - -

Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments - -

Increase (decrease) in net assets from operations 211 57

Increase (decrease) in net assets from operations per unit Class A - -Class C 0.11 0.11

CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 10,994 13,016

Capital units transactions Proceeds from issue of units 67,348 13,213 Reinvestment of distributions 211 57 Redemption of units (43,525) (15,292)

24,034 (2,022)Distributions to unitholders Net investment income (211) (57)Net realized gain on sale of investments - -

(211) (57)


Net assets - End of year 35,028 10,994

DISTRIBUTIONS

($/unit) 2013 2012Class A Net investment income - -Net realized gain on sale of investments - -

Class C Net investment income 0.11 0.11 Net realized gain on sale of investments - -



4

CHANGES IN NUMBER OF UNITS

2013 2012Class A Units outstanding at the beginning 634,127 672,929 Units issued 827,215 584,961 Units redeemed (729,672) (623,763)Units outstanding at the end 731,670 634,127

MANAGEMENT EXPENSE RATIO

2013 2012Class A 1.62% 1.48% Class C - -


2013 2012Class C Units outstanding at the beginning 465,249 628,685 Units issued 5,928,674 742,044 Units redeemed (3,622,793) (905,480)Units outstanding at the end 2,771,130 465,249


FINANCIAL STATEMENTS (in thousands, except number of units)

5

INVESTMENT PORTFOLIO

As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.82%) MFS Money Market Fund 3,496,383 34,964 34,964

OTHER NET ASSETS (0.18%) 64

TOTAL NET ASSETS (100%) 35,028

TOP HOLDINGS OF UNDERLYING FUND MFS Money Market Fund %Government of Canada, Treasury Bill, 0.93%, 03-13-2014 10.45Government of Canada, Treasury Bill, 0.95%, 01-16-2014 7.15Government of Canada, Treasury Bill, 1.31%, 01-30-2014 5.76Province of Ontario, Treasury Bill, 0.97%, 02-12-2014 4.73Province of British Columbia, Treasury Bill, 1.19%, 07-24-2014 4.43Manulife Bank of Canada, Note, 1.28%, 04-14-2014 4.16Bank of Montreal, Note, 1.15%, 02-11-2014 3.84Royal Bank of Canada, Note, 1.11%, 01-15-2014 3.77Canadian Wheat Board, Treasury Bill, 0.96%, 01-22-2014 3.72Province of Manitoba, Treasury Bill, 0.97%, 02-12-2014 3.34The Toronto-Dominion Bank, Note, 1.25%, 10-09-2014 3.28Government of Canada, Treasury Bill, 0.89%, 02-13-2014 3.01Honda Financial, Note, 1.25%, 03-12-2014 2.62JPMorgan Chase & Co., Note, 1.24%, 05-23-2014 2.54CIBC, Note, 1.33%, 09-18-2014 2.32Wells Fargo & Co., Note, 1.12%, 03-10-2014 2.26Province of Ontario, Treasury Bill, 1.13%, 03-12-2014 2.17Imperial Oil Ltd., Note, 1.11%, 01-02-2014 2.09National Bank of Canada, Note, 1.10%, 01-23-2014 1.72Bank of Nova Scotia, Note, 1.15%, 01-16-2014 1.71Nestlé Canada, Note, 1.05%, 01-06-2014 1.67CIBC, Note, 1.12%, 01-24-2014 1.63Bank of Nova Scotia, Note, 1.13%, 01-31-2014 1.63National Bank of Canada, Note, 1.10%, 01-30-2014 1.47Imperial Oil Ltd., Note, 1.12%, 02-06-2014 1.46


OTHER INFORMATION Years ended December 31 (in thousands of dollars)

6

Nature and extent of risks arising from financial instruments The ASTRA Money Market Fund is a segregated fund that invests exclusively in the underlying fund called MFS Money Market Fund. The ASTRA Money Market Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS Investment Management Canada Limited. The manager's investment strategy is to favour an approach based on term and sector management as well as the quality of debt securities.

Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

2013

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 34,964 - - 34,964

Derivative Products - - - -

Money Market - - - -Total 34,964 - - 34,964

2012





Money Market - - - -Total 10,969 - - 10,969 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

ASTRA TREASURY FUND


7

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 74,120 45,329 Cash 179 106 Receivables 370 254

74,669 45,689

Liabilities Bank overdraft - -Accounts payable - -

- -

Net Assets 74,669 45,689

Net asset value per unit 10.64 10.67

Reconciliation of Net Assets with Transactional NAV

Transactional NAV at closing prices of investments 74,708 45,717 Adjustment to bid prices of investments (39) (28)

Net assets at bid prices of investments 74,669 45,689

Transactional NAV per unit at closing price of investments 10.65 10.68

Adjustment per unit to bid prices of investments (0.01) (0.01)

Net assets per unit at bid prices of investments 10.64 10.67



Capital units transactions Proceeds from issue of units 64,932 32,990 Reinvestment of distributions - 344 Redemption of units (35,779) (30,625)

29,153 2,709 Distributions to unitholders Net investment income - (344)Net realized gain on sale of investments - -

- (344)

Increase (decrease) in net assets from operations (173) 373


Changes in number of units Units outstanding at the beginning 4,282,041 4,028,732 Units issued 6,084,708 3,125,729 Units redeemed (3,351,835) (2,872,420)

Units outstanding at the end 7,014,914 4,282,041

DISTRIBUTIONS

($/unit) 2013 2012Net investment income - 0.08 Net realized gain on sale of investments - -

OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1,747 1,305

Expenses (note 4) Management fees 1,267 800 Administrative fees 64 45

1,331 845


Net realized gain (loss) on sale of investments (174) (74)Net unrealized gain (loss) on investments (415) (13)

Increase (decrease) in net assets from operations (173) 373

Increase (decrease) in net assets from operations per unit (0.03) 0.09 Management Expense Ratio 2.07% 1.89%

ASTRA TREASURY FUND

FINANCIAL STATEMENTS (in thousands)

INVESTMENT PORTFOLIO As at December 31, 2013

8

* Floating rate: the identified rate is the effective rate as of December 31, 2013.

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.26%)

Government of Canada (26.01%)

Canada Housing Trust No 1, 1.33%*, 03-15-2018 9,940 9,966 9,989

Canada Housing Trust No 1, 1.41%*, 09-15-2015 7,127 7,157 7,164

Canada Housing Trust No 1, 2.40%, 12-15-2022 1,250 1,251 1,183

Canada Housing Trust No 1, 4.10%, 12-15-2018 1,000 1,123 1,088

19,497 19,424

Provincials and Subsidized (15.05%)

Concordia University, 4.65%, 03-25-2014 300 318 302

Financement-Québec, 2.40%, 12-01-2018 792 794 790

Financement-Québec, 3.50%, 12-01-2017 2,686 2,835 2,830

Kativik Regional Government, 2.80%, 05-10-2015 300 300 304

McGill University, 4.50%, 05-27-2015 150 158 156

Ontario, 2.85%, 06-02-2023 1,444 1,372 1,365

Ontario, 4.20%, 03-08-2018 513 559 555

Quebec, 3.00%, 09-01-2023 4,315 4,112 4,091

Quebec, 5.35%, 06-01-2025 435 495 494

Université de Montréal, 4.55%, 02-11-2015 344 363 354

11,306 11,241

Municipals and Subsidized (29.79%)

Amos, 2.35%, 02-27-2018 750 741 737

Baie-Saint-Paul, 3.25%, 10-06-2014 265 272 268

Beaupré, 2.20%, 09-25-2016 403 398 404

Boucherville, 2.15%, 06-05-2018 155 151 150

Boucherville, 2.25%, 09-06-2016 200 198 201

Boucherville, 3.20%, 11-03-2014 124 123 125

Chambly, 2.35%, 12-19-2017 400 396 392

Châteauguay, 3.15%, 10-14-2014 75 74 76

Châteauguay, 4.35%, 12-28-2015 286 299 299

Delson, 2.60%, 08-23-2016 300 296 304

Dolbeau-Mistassini, 3.15%, 03-21-2016 250 251 256

Drummondville, 2.60%, 12-18-2018 750 738 731

Gaspé, 2.20%, 02-20-2017 345 342 344

Gaspé, 3.20%, 10-06-2014 50 49 51

Granby, 2.65%, 12-18-2018 750 740 733

Kirkland, 3.05%, 12-15-2014 200 201 202

Lac-Brome, 2.25%, 07-03-2018 400 391 388

Lachute, 2.30%, 02-20-2018 750 739 736

Lévis, 2.15%, 06-05-2018 135 132 131

Lévis, 2.75%, 05-25-2015 120 119 122

Lévis, 2.95%, 12-14-2015 225 222 230

Lévis, 3.05%, 05-25-2016 300 298 307

Lévis, 4.80%, 11-26-2014 179 191 184

Longueuil, 2.65%, 11-20-2018 100 98 98

Longueuil, 4.00%, 07-20-2014 50 51 50

Longueuil, 5.20%, 06-16-2014 154 167 156

Magog, 2.25%, 07-03-2018 350 342 340

Mascouche, 4.80%, 07-31-2014 190 203 193

Mirabel, 2.70%, 11-20-2018 245 241 240

Mirabel, 3.15%, 09-15-2014 325 326 328

Mont-Royal, 3.40%, 03-20-2014 150 152 151

Montreal-West, 3.40%, 01-27-2014 125 128 125

Orford, 2.95%, 01-25-2016 393 386 401

Pointe-Claire, 3.05%, 12-22-2014 100 99 101

Quebec, 1.80%, 03-06-2016 750 747 748

Quebec, 2.95%, 12-16-2014 100 99 101

Quebec, 3.00%, 02-17-2015 300 296 304

Rawdon, 2.25%, 07-03-2018 650 627 631

Rawdon, 2.75%, 11-27-2018 500 495 491

Repentigny, 3.00%, 09-27-2016 300 295 307

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.26%) (Cont'd)

Municipals and Subsidized (29.79%) (Cont'd)

Réseau de transport de la Capitale, 4.60%, 06-20-2015 165 174 171

Réseau de transport de la Capitale, 4.75%, 08-01-2015 110 117 115

Réseau de transport de Longueuil, 2.60%, 12-18-2018 600 592 585

Rimouski, 1.75%, 03-19-2016 289 287 288

Rimouski, 2.00%, 03-19-2017 296 293 293

Rouyn-Noranda, 3.05%, 03-28-2016 350 349 358

Saguenay, 1.85%, 05-08-2017 750 742 732

Saguenay, 3.25%, 04-22-2014 150 151 151

Saguenay, 4.55%, 06-26-2014 117 124 118

Saint-Basile-le-Grand, 3.75%, 05-19-2015 250 260 257

Saint-Bruno, 3.10%, 12-01-2014 150 149 152

Saint-Jean-sur-Richelieu, 2.25%, 06-19-2018 500 493 486



Saint-Lambert, 3.10%, 07-22-2014 150 150 151

Saint-Lin-Laurentides, 2.50%, 08-27-2018 500 493 489

Sainte-Adèle, 3.05%, 12-01-2014 100 99 101

Sainte-Agathe, 2.40%, 11-01-2017 380 374 377

Sainte-Thérèse, 2.10%, 05-22-2018 650 637 629

Sainte-Thérèse, 2.55%, 09-20-2016 300 292 303

Salaberry-de-Valleyfield, 3.35%, 04-01-2014 60 59 60

Sept-Îles, 3.10%, 07-28-2014 300 300 302

Sherbrooke, 2.15%, 01-30-2017 450 446 446

Sherbrooke, 3.25%, 07-21-2014 50 49 50

Société de transport de l'Outaouais, 3.15%, 09-09-2014 50 49 50

Société de transport de Trois-Rivières, 3.05%, 02-03-2015 200 198 203

Thetford Mines, 3.00%, 02-02-2015 200 197 203

Trois-Rivières, 3.30%, 04-29-2014 50 49 50

Trois-Rivières, 4.60%, 05-10-2014 119 126 120

Trois-Rivières, 4.75%, 04-20-2015 196 207 203

Trois-Rivières, 4.95%, 10-06-2014 60 64 61

Val-d'Or, 2.25%, 03-19-2018 350 346 342

Victoriaville, 2.35%, 02-20-2018 750 741 737

Victoriaville, 3.30%, 01-27-2014 25 25 25

Westmount, 2.35%, 02-20-2018 750 741 737

22,245 22,243

Corporations (28.41%) 407 East Development Group General Partnership, 2.81%, 12-18-2016 750 759 762

Alimentation Couche-Tard Inc., 2.86%, 11-01-2017 445 445 440

AON Finance NS, 4.76%, 03-08-2018 300 300 316

Bank of Montreal, 2.96%, 08-02-2016 300 300 308

Bank of Nova Scotia, 2.90%, 08-03-2022 170 170 172

Bank of Nova Scotia, 3.04%, 10-18-2024 750 751 741

Bell Canada, 3.65%, 05-19-2016 750 784 777

BMW Canada Inc., 2.64%, 08-10-2015 400 402 406

British Columbia Ferry Services Inc., 5.74%, 05-27-2014 1,010 1,069 1,027

Brookfield Asset Management Inc., 3.95%, 04-09-2019 750 767 760

Caisse centrale Desjardins du Québec, 2.28%, 10-17-2016 750 750 755

Canada Safeway Ltd., 3.00%, 03-31-2014 400 400 401

ASTRA TREASURY FUND

FINANCIAL STATEMENTS (in thousands)


9

* Floating rate: the identified rate is the effective rate as of December 31, 2013.

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.26%) (Cont'd)

Corporations (28.41%) (Cont'd)

Capital Desjardins Inc., 3.80%, 11-23-2020 750 775 775

Central 1 Credit Union, 1.73%*, 04-28-2015 140 140 140

Central 1 Credit Union, 4.00%, 10-09-2019 175 175 178

CIBC, 2.65%, 11-08-2016 300 300 306

Daimler Canada Finance Inc., 1.97%*, 09-12-2014 750 752 752

Daimler Canada Finance Inc., 2.23%, 04-18-2016 750 748 754

Empire Life Insurance, 2.87%, 05-31-2023 315 310 312

Enbridge Inc., 2.28%*, 08-19-2015 320 320 324

George Weston Ltd., 3.78%, 10-25-2016 305 305 317

HSBC Bank Canada, 2.90%, 01-13-2017 750 761 767

Laurentian Bank of Canada, 2.45%, 02-13-2015 650 653 655

Laurentian Bank of Canada, 3.13%, 10-19-2022 650 659 649

Manulife Financial Corp., 5.16%, 06-26-2015 350 373 367

National Bank of Canada, 2.05%, 01-11-2016 250 250 251



Royal Bank of Canada, 3.18%, 11-02-2020 300 297 306

Shaw Communications Inc., 5.70%, 03-02-2017 750 833 820Standard Life Assurance Co. of Canada, 3.94%, 09-21-2022 750 764 776

Sun Life Financial Inc., 7.90%, 03-31-2019 300 333 304

TELUS Corp., 4.95%, 03-15-2017 750 826 809The Manufacturers Life Insurance Co., 2.93%, 11-29-2023 650 650 644The Manufacturers Life Insurance Co., 4.21%, 11-18-2021 750 799 789

The Toronto-Dominion Bank, 3.37%, 11-02-2020 300 298 307

Thomson Reuters Corp., 5.20%, 12-01-2014 100 104 103

TMX Group Ltd., 1.98%*, 10-03-2016 325 325 326

VW Credit Canada Inc., 2.90%, 06-01-2017 750 758 765Wells Fargo Financial Canada Corp., 3.97%, 11-03-2014 300 304 306

21,243 21,212

TOTAL CANADIAN BONDS 74,291 74,120

TOTAL INVESTMENTS (99.26%) 74,291 74,120



ASTRA TREASURY FUND


10

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Treasury Fund (the “Fund”) is to generate regular income and moderate short to medium term capital growth. Investment strategy The Fund is invested mainly in Canadian short-term fixed income securities. These securities are issued by federal, provincial and municipal governments as well as Canadian companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Optimum Asset Management, focuses on capital preservation and favours an approach based on interest rate expectations, yield curve management, sector selection and securities selection. Credit spread management and market timing are also considered. As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of Canadian bonds securities traded on an active market. Risk exposure The Fund is exposed mainly to credit risk, interest rate risk, bond market risk, as well as risk related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for information on financial instrument risks. Credit risk The Fund’s main credit concentration risk arises from fixed income securities. On purchase, money market securities must be rated R1 or higher by the Dominion Bond Rating Service (DBRS) and bond securities must be rated BBB or higher by Standard & Poor’s. Bond securities rated BBB may not make up more than 10% of the Fund’s assets. As at December 31, the allocation of fixed income securities in the portfolio by credit rating is as follows:

Credit Rating* 2013 (%)

2012 (%)

Governments, municipals and subsidized 40.29 32.17 Companies rated AAA 26.21 32.76 Companies rated AA 4.86 9.30 Companies rated A 23.64 18.05 Companies rated BBB 5.00 6.98 Not rated - 0.74

* Sources: DBRS and Standard & Poor’s

All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations.

Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative products. Interest rate risk The following table indicates the Fund’s interest rate exposure with financial instruments at fair value by contract maturities.

Investments Under 1 year

($)

From 1 to 5 years

($)

Over 5 years

($) 2013 6,805 55,647 11,668 2012 3,459 35,314 6,556

The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant.

Change in Prevailing

Interest Rate (%)

2013 Impact on Net Assets

($)


($) + 1.00 - 1.00

(2,023) 2,023

(929) 929

The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Price risk The Fund trades fixed income securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 85% and 100% in bond securities and up to a maximum of 15% in money market securities. The table below shows the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant.

Benchmark Change in Benchmark

(%)


($)


($) DEX Universe Short Term Index

+ 2.00 - 2.00

1,482 (1,482)

907 (907)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.

ASTRA TREASURY FUND


11

Currency risk As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

2013

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 74,120 - 74,120 Equities - - - -


Investment Funds - - - -


Money Market - - - -Total - 74,120 - 74,120

2012

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 45,329 - 45,329 Equities - - - -





During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

ASTRA FIERA CAPITAL BOND FUND


12

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 322,238 381,811 Cash 1,116 5,052 Receivables 1,300 35

324,654 386,898

Liabilities Bank overdraft - -Accounts payable 2,219 4,265

2,219 4,265

Net Assets 322,435 382,633

Net asset value per unit 10.52 10.93 Investments, at cost 334,916 379,103


Capital units transactions Proceeds from issue of units 127,245 225,054 Reinvestment of distributions - -Redemption of units (173,417) (33,183)

(46,172) 191,871 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -

Increase (decrease) in net assets from operations (14,026) 6,392




DISTRIBUTIONS

($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -

OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 3 3 Distribution from the underlying fund 9,352 9,667 Management fee distribution received - -

9,355 9,670

Expenses (note 4) Management fees 7,329 5,052 Administrative fees 343 262

7,672 5,314

Net investment income (loss) 1,683 4,356

Net realized gain (loss) on sale of investments (635) 199

Net realized gain distributed by the underlying fund 312 4,927 Net unrealized gain (loss) on investments (15,386) (3,090)





13


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.94%) Fiera Active Fixed Income Fund 66.97 20,757,207 223,343 215,917Fiera Tactical Fixed Income Fund 32.97 10,243,329 111,573 106,321




TOP HOLDINGS OF UNDERLYING FUND Fiera Active Fixed Income Fund %Province of Ontario, 2.85%, 06-02-2023 8.59Government of Canada, 1.00%, 11-01-2015 6.67Government of Canada, 1.00%, 02-01-2015 5.39Government of Canada, 1.50%, 06-01-2023 3.59Government of Canada, 4.00%, 06-01-2041 3.52

TOP HOLDINGS OF UNDERLYING FUND Fiera Tactical Fixed Income Fund %Government of Canada, Treasury Bill, 0.99%, 01-03-2014 6.77Government of Canada, Treasury Bill, 0.89%, 02-13-2014 4.97PSP Capital Inc., 3.03%, 10-22-2020 4.21Royal Office Finance LP, 5.21%, 11-12-2032 4.11Government of Canada, Treasury Bill, 0.89%, 02-27-2014 3.91



14

Nature and extent of risks arising from financial instruments The ASTRA Fiera Capital Bond Fund is a segregated fund that invests exclusively in underlying funds called Fiera Active Fixed Income Fund and Fiera Tactical Fixed Income Fund. The ASTRA Fiera Capital Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital Corporation with complementary management styles. The Fund’s assets are made up of approximately 67% of the Fiera Active Fixed Income Fund with a management approach based on duration, maturity dates and credit and 33% of the Fiera Tactical Fixed Income Fund with a management approach that puts emphasis on the duration.


2013






2012






ASTRA OAM BOND FUND


15

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 40,818 68,145 Cash - -Receivables 1,600 1,052

42,418 69,197

Liabilities Bank overdraft 1,491 863 Accounts payable - -

1,491 863

Net Assets 40,927 68,334




(26,409) 8,679Distributions to unitholders Net investment income - (532)Net realized gain on sale of investments - -

- (532)

Increase (decrease) in net assets from operations (998) 1,161


Changes in number of units Units outstanding at the beginning 6,283,955 5,480,262 Units issued 1,700,682 1,606,375 Units redeemed (4,133,202) (802,682)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - 1 Distribution from the underlying fund 1,612 1,978 Management fee distribution received - -

1,612 1,979


1,196 1,274


Net realized gain (loss) on sale of investments 589 113

Net realized gain distributed by the underlying fund - 697 Net unrealized gain (loss) on investments (2,003) (354)



ASTRA OAM BOND FUND


16


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.73%) Optimum Canadian Bond Pooled Fund 3,994,053 41,507 40,818



TOP HOLDINGS OF UNDERLYING FUND Optimum Canadian Bond Pooled Fund %Province of Ontario, 2.85%, 06-02-2023 14.47Canada Housing Trust No 1, 3.15%, 09-15-2023 6.40Province of Quebec, 5.00%, 12-01-2041 4.72Government of Canada, 4.00%, 06-01-2041 4.20Government of Canada, 2.50%, 06-01-2024 3.77Province of Ontario, 4.65%, 06-02-2041 3.24Financement-Québec, 5.25%, 06-01-2034 2.99Terrebonne, 3.00%, 12-15-2015 1.56Province of Quebec, 6.00%, 10-01-2029 1.53Vaudreuil-Dorion, 2.15%, 06-12-2018 1.25Great-West Lifeco Inc., 7.13%, 06-26-2018 1.23Saint-Lambert, 2.35%, 07-25-2016 1.21Toronto, 3.50%, 12-06-2021 1.15Sun Life Financial Inc., 4.95%, 06-01-2016 1.12Brookfield Asset Management Inc., 3.95%, 04-09-2019 1.07Sun Life Financial Inc., 5.86%, 12-31-2019 1.07The Toronto-Dominion Bank, 5.76%, 12-18-2017 1.06Saint-Lin-Laurentides, 2.50%, 08-27-2018 1.06Bell Canada, 5.00%, 02-15-2017 1.05Société de transport de Montréal, 5.00%, 12-01-2019 1.04Laurentian Bank of Canada, 3.70%, 11-02-2015 1.01BC Ferry Services, 5.02%, 03-20-2037 1.01Toronto, 5.20%, 06-01-2040 1.01Laprairie, 3.25%, 03-08-2016 0.99Portneuf, 3.05%, 03-28-2016 0.98

ASTRA OAM BOND FUND


17

Nature and extent of risks arising from financial instruments The ASTRA OAM Bond Fund is a segregated fund that invests exclusively in the underlying fund called Optimum Canadian Bond Pooled Fund. The ASTRA OAM Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Optimum Asset Management. The manager's investment strategy favours an interest rate anticipation and yield curve management approach. The choice of sectors, the choice of securities, the management of credit spreads and the synchronization of interventions are all also given consideration.


2013






2012






ASTRA PIMCO BOND FUND


18

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 122,616 134,165Cash - 417 Receivables 341 31

122,957 134,613

Liabilities Bank overdraft 470 -Accounts payable - 7

470 7

Net Assets 122,487 134,606



Capital units transactions Proceeds from issue of units 52,179 55,291 Reinvestment of distributions - 1,617 Redemption of units (59,910) (21,378)

(7,731) 35,530 Distributions to unitholders Net investment income - (1,617)Net realized gain on sale of investments - -

- (1,617)





DISTRIBUTIONS



4,772 4,798


3,235 2,418

Net investment income (loss) 1,537 2,380


Net realized gain distributed by the underlying fund - 1,109 Net unrealized gain (loss) on investments (5,597) 1,139





19


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.11%) PIMCO Canada Canadian CorePLUS Bond Trust 1,222,253 125,137 122,616

OTHER NET ASSETS (-0.11%) (129)


TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut UK 90DAY LIF 06-17-2015 40.79Fin Fut BA MSE 03-16-2015 8.17Fin Fut EURO$ CME 09-14-2015 8.09Fin Fut BA MSE 09-15-2014 7.01Fin Fut BA MSE 12-15-2014 6.80Fin Fut BA MSE 06-16-2014 5.85Fin Fut EURO$ CME 06-15-2015 5.11Fin Fut EURO$ CME 12-14-2015 5.09Province of Ontario, 3.15%, 06-02-2022 1.93Province of Quebec, 4.50%, 12-01-2017 1.61Government of Canada, 5.00%, 06-01-2037 1.45Province of Quebec, 4.25%, 12-01-2021 1.38Province of Ontario, 4.20%, 06-02-2020 1.30Province of Ontario, 4.40%, 03-08-2016 1.22Province of Quebec, 4.50%, 12-01-2020 1.21Province of Ontario, 4.20%, 03-08-2018 1.18Canada Housing Trust No 1, 3.15%, 09-15-2023 1.11Government of Canada, 4.00%, 06-01-2041 1.10Province of Quebec, 4.50%, 12-01-2018 0.95Hydro-Québec, 11.00%, 08-15-2020 0.91Government of Canada, 1.50%, 08-01-2015 0.89Province of Ontario, 2.85%, 06-02-2023 0.87Canada Housing Trust No 1, 1.75%, 06-15-2018 0.76Royal Bank of Canada, 3.77%, 03-30-2018 0.75Canada Housing Trust No 1, 2.40%, 12-15-2022 0.75



20

Nature and extent of risks arising from financial instruments The ASTRA PIMCO Bond Fund is a segregated fund that invests exclusively in the underlying fund called PIMCO Canada Canadian CorePLUS Bond Trust. The ASTRA PIMCO Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by PIMCO Canada. The manager's investment strategy favours an approach based on diversification of sources for adding value while minimizing the risk of the portfolio.


2013






2012






ASTRA BOND INDEX FUND


21

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 47,534 60,440 Cash 47 110 Receivables - 3

47,581 60,553

Liabilities Bank overdraft - -Accounts payable - 3

- 3

Net Assets 47,581 60,550



Capital units transactions Proceeds from issue of units 18,018 25,716Reinvestment of distributions - 491 Redemption of units (29,100) (23,198)

(11,082) 3,009Distributions to unitholders Net investment income - (491)Net realized gain on sale of investments - -

- (491)





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - 1 Distribution from the underlying fund 2,117 2,366 Management fee distribution received - -

2,117 2,367


1,289 1,337

Net investment income (loss) 828 1,030


Net realized gain distributed by the underlying fund 863 443 Net unrealized gain (loss) on investments (3,536) (964)





22


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.90%) BlackRock Canada Universe Bond Index Fund, Class D 2,043,356 48,411 47,534



TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund, Class D %Government of Canada, 3.75%, 06-01-2019 1.46Government of Canada, 4.00%, 06-01-2041 1.32Government of Canada, 5.00%, 06-01-2037 1.25Government of Canada, 5.75%, 06-01-2033 1.20Government of Canada, 3.50%, 06-01-2020 1.08Canada Housing Trust No 1, 2.75%, 06-15-2016 1.07Government of Canada, 1.50%, 08-01-2015 1.00Government of Canada, 5.75%, 06-01-2029 0.99Government of Canada, 1.25%, 02-01-2016 0.96Government of Canada, 3.00%, 12-01-2015 0.92Government of Canada, 3.25%, 06-01-2021 0.90Canada Housing Trust No 1, 1.70%, 12-15-2017 0.89Canada Housing Trust No 1, 2.05%, 06-15-2017 0.87Province of Ontario, 4.20%, 06-02-2020 0.85Government of Canada, 1.50%, 06-01-2023 0.85Government of Canada, 2.75%, 06-01-2022 0.85Government of Canada, 4.25%, 06-01-2018 0.84Government of Canada, 3.50%, 12-01-2045 0.83Government of Canada, 4.00%, 06-01-2017 0.83Province of Ontario, 3.15%, 06-02-2022 0.83Province of Ontario, 2.85%, 06-02-2023 0.83Canada Housing Trust No 1, 1.85%, 12-15-2016 0.83Government of Canada, 2.50%, 06-01-2015 0.80Province of Ontario, 4.00%, 06-02-2021 0.79Government of Canada, 1.00%, 02-01-2015 0.78



23

Nature and extent of risks arising from financial instruments The ASTRA Bond Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canada Universe Bond Index Fund, Class D. The ASTRA Bond Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the DEX Universe Index.


2013






2012






ASTRA CONSERVATIVE STRATEGY FUND


24

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 99,827 87,358 Cash 181 1,312 Receivables 178 44

100,186 88,714

Liabilities Bank overdraft - -Accounts payable 42 -

42 -

Net Assets 100,144 88,714



Capital units transactions Proceeds from issue of units 30,815 32,797Reinvestment of distributions - -Redemption of units (24,153) (17,375)

6,662 15,422Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -

Increase (decrease) in net assets from operations 4,768 2,813




DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 1,397 1,915 Management fee distribution received 1,454 640

2,852 2,556


2,550 1,981


Net realized gain (loss) on sale of investments 1,122 327

Net realized gain distributed by the underlying fund 1,802 1,014Net unrealized gain (loss) on investments 1,544 897 Transaction costs (2) -


Increase (decrease) in net assets from operations per unit 0.55 0.37Management Expense Ratio 2.73% 2.48%



25


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.68%) ASTRA Treasury Fund 9.91 932,603 10,004 9,932 ASTRA Fiera Capital Bond Fund 21.79 2,073,914 23,037 21,822 ASTRA AlphaFixe Bond Fund 21.80 2,120,803 22,861 21,831 PIMCO Canada Canadian CorePLUS Bond Trust 10.90 108,768 11,276 10,911ASTRA Triasima Canadian Equity Fund 7.54 547,621 6,495 7,550 Greystone Canadian Equity Fund 3.79 147,736 3,123 3,792 Jarislowsky Fraser Canadian Equity Fund 7.56 225,795 7,232 7,566 Montrusco Bolton Quantitative Canadian Equity Fund 3.75 92,148 3,410 3,757 Fiera Capital Small Cap Section Fund 2.53 13,374 1,979 2,533 ASTRA Hillsdale U.S. Equity Fund, Class B 2.52 176,767 2,131 2,528 ASTRA Carnegie International Equity Fund 2.53 231,289 1,938 2,538 Hexavest All-Country World Index Fund 4.04 3,620 3,707 4,043 Lazard Global Small Cap Equity (Canada) Fund 1.02 56,171 866 1,024




TOP HOLDINGS OF UNDERLYING FUNDS

Please refer to the page number references provided in the next page.



26

Nature and extent of risks arising from financial instruments The ASTRA Conservative Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Conservative Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%)

Funds Managers ASTRA Treasury Fund (page 7)

Optimum Asset Management

ASTRA Fiera Capital Bond Fund (page 12)

Fiera Capital Corporation

ASTRA AlphaFixe Bond Fund (page 48)

AlphaFixe Capital

PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

PIMCO Canada

Canadian Equities (25%)

Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)

Triasima Inc. Portfolio Management

Greystone Canadian Equity Fund (page 48)

Greystone Managed Investments

Jarislowsky Fraser Canadian Equity Fund (page 48)

Jarislowsky Fraser Ltd.

Montrusco Bolton Quantitative Canadian Equity Fund (page 48)

Montrusco Bolton Investments

Fiera Capital Small Cap Section Fund (page 48)


Foreign Equities (10%)

Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)

Hillsdale Investment Management

ASTRA Carnegie International Equity Fund (page 119)

Carnegie Asset Management

Hexavest All-Country World Index Fund (page 48)

Hexavest Asset Management

Lazard Global Small Cap Equity (Canada) Fund (page 48)

Lazard Asset Management


2013



Investment Funds 96,070 3,757 - 99,827


Money Market - - - -Total 96,070 3,757 - 99,827

2012





Money Market - - - -Total 87,358 - - 87,358 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

ASTRA BALANCED STRATEGY FUND


27

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 261,525 230,851Cash - 1,404 Receivables 762 140

262,287 232,395

Liabilities Bank overdraft 843 -Accounts payable 116 -

959 -

Net Assets 261,328 232,395





- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 2 2 Distribution from the underlying fund 3,832 4,338 Management fee distribution received 3,108 2,392

6,942 6,732


6,793 5,378


Net realized gain (loss) on sale of investments 4,022 (240)

Net realized gain distributed by the underlying fund 7,671 3,077 Net unrealized gain (loss) on investments 11,639 6,321 Transaction costs (8) -


Increase (decrease) in net assets from operations per unit 1.00 0.48 Management Expense Ratio 2.79% 2.53%



28


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.08%) ASTRA Treasury Fund 4.96 1,217,483 13,058 12,966 ASTRA Fiera Capital Bond Fund 13.88 3,445,997 36,256 36,259 ASTRA AlphaFixe Bond Fund 13.88 3,523,937 36,403 36,275 BlackRock Canada Real Return Bond Index Fund, Class D 4.93 946,921 14,322 12,888 PIMCO Canada Canadian CorePLUS Bond Trust 6.94 180,729 18,723 18,131 ASTRA Triasima Canadian Equity Fund 10.56 2,001,458 23,746 27,592 Greystone Canadian Equity Fund 5.30 540,028 12,902 13,859 Jarislowsky Fraser Canadian Equity Fund 10.58 825,346 25,140 27,655 Montrusco Bolton Quantitative Canadian Equity Fund 5.26 336,813 12,458 13,731 Fiera Capital Small Cap Section Fund 3.54 48,890 7,235 9,261 ASTRA Hillsdale U.S. Equity Fund, Class B 5.05 922,749 11,221 13,197 ASTRA Carnegie International Equity Fund 5.07 1,207,814 10,473 13,254 Hexavest All-Country World Index Fund 8.08 18,905 19,248 21,109 Lazard Global Small Cap Equity (Canada) Fund 2.05 293,277 4,540 5,348




TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.



29

Nature and extent of risks arising from financial instruments The ASTRA Balanced Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Balanced Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (45%)

Funds Managers ASTRA Treasury Fund (page 7) Optimum Asset Management ASTRA Fiera Capital Bond Fund (page 12)



AlphaFixe Capital

BlackRock Canada Real Return Bond Index Fund, Class D (page 48)

BlackRock Asset Management


PIMCO Canada






















2013






2012






ASTRA GROWTH STRATEGY FUND


30


69,621 61,532


21 -

Net Assets 69,600 61,532




(629) 2,897 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 1,064 1,273 Management fee distribution received 739 495

1,804 1,769


1,877 1,483

Net investment income (loss) (73) 286


Net realized gain distributed by the underlying fund 2,577 915 Net unrealized gain (loss) on investments 4,946 2,184Transaction costs (3) -





31


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.66%) ASTRA Fiera Capital Bond Fund 9.85 651,229 6,851 6,852 ASTRA AlphaFixe Bond Fund 9.85 665,893 6,875 6,855 BlackRock Canada Real Return Bond Index Fund, Class D 4.90 250,499 3,789 3,409 PIMCO Canada Canadian CorePLUS Bond Trust 4.92 34,156 3,540 3,427 ASTRA Triasima Canadian Equity Fund 13.49 680,795 8,075 9,386 Greystone Canadian Equity Fund 6.77 183,714 4,231 4,715 Jarislowsky Fraser Canadian Equity Fund 13.51 280,688 9,119 9,405 Montrusco Bolton Quantitative Canadian Equity Fund 6.71 114,586 4,237 4,671 Fiera Capital Small Cap Section Fund 4.52 16,616 2,463 3,147 ASTRA Hillsdale U.S. Equity Fund, Class B 6.27 304,967 3,700 4,362 ASTRA Carnegie International Equity Fund 6.30 399,467 3,425 4,384 Hexavest All-Country World Index Fund 10.03 6,252 6,366 6,981 Lazard Global Small Cap Equity (Canada) Fund 2.54 96,958 1,495 1,768








32

Nature and extent of risks arising from financial instruments The ASTRA Growth Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Growth Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%)

Funds Managers ASTRA Fiera Capital Bond Fund (page 12)



AlphaFixe Capital




PIMCO Canada






















2013






2012






ASTRA AGGRESSIVE STRATEGY FUND


33

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 21,380 14,360 Cash 462 -Receivables 9 9

21,851 14,369

Liabilities Bank overdraft - 2 Accounts payable 499 -

499 2

Net Assets 21,352 14,367




4,201 172Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -

Increase (decrease) in net assets from operations 2,784 844


Changes in number of units Units outstanding at the beginning 1,510,347 1,492,263 Units issued 687,553 300,873 Units redeemed (286,370) (282,789)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 329 273 Management fee distribution received 177 122

506 395


504 373



Net realized gain distributed by the underlying fund 944 186 Net unrealized gain (loss) on investments 1,547 604Transaction costs (1) -





34


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.13%) ASTRA Fiera Capital Bond Fund 6.44 130,698 1,386 1,375 ASTRA AlphaFixe Bond Fund 6.44 133,631 1,391 1,376 BlackRock Canada Real Return Bond Index Fund, Class D 3.80 59,679 888 812 PIMCO Canada Canadian CorePLUS Bond Trust 2.87 6,100 631 612 ASTRA Triasima Canadian Equity Fund 12.20 188,869 2,292 2,604 Greystone Canadian Equity Fund 6.00 49,936 1,164 1,282 Jarislowsky Fraser Canadian Equity Fund 11.84 75,447 2,454 2,528 Montrusco Bolton Quantitative Canadian Equity Fund 6.00 31,453 1,179 1,282 Fiera Capital Small Cap Section Fund 3.90 4,398 544 833 ASTRA Hillsdale U.S. Equity Fund, Class B 10.03 149,796 1,887 2,142 ASTRA Carnegie International Equity Fund 10.03 194,987 1,698 2,140 Hexavest All-Country World Index Fund 16.64 3,182 3,332 3,553 Lazard Global Small Cap Equity (Canada) Fund 3.94 46,149 732 841








35

Nature and extent of risks arising from financial instruments The ASTRA Aggressive Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Aggressive Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%)




AlphaFixe Capital




PIMCO Canada






















2013






2012






ASTRA CELESTIA CONSERVATIVE FUND


36


49,361 28,973

Liabilities Bank overdraft - -Accounts payable 492 522

492 522

Net Assets 48,869 28,451




18,431 11,926 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -



Changes in number of units Units outstanding at the beginning 2,729,814 1,561,655 Units issued 2,533,922 1,527,895 Units redeemed (811,388) (359,736)


DISTRIBUTIONS



1,257 790

Expenses (note 4) Management fees 1,039 515Administrative fees 38 21

1,077 536



Net realized gain distributed by the underlying fund 815 294 Net unrealized gain (loss) on investments 901 59





37


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.04%) ASTRA Treasury Fund 9.96 457,122 4,901 4,868 ASTRA Fiera Capital Bond Fund 19.74 916,582 10,053 9,645ASTRA AlphaFixe Bond Fund 9.95 472,465 5,017 4,863 PIMCO Canada Canadian CorePLUS Bond Trust 19.75 96,183 10,008 9,649 ASTRA Triasima Canadian Equity Fund 3.71 131,403 1,577 1,812 Greystone Canadian Equity Fund 1.74 33,103 751 850 Jarislowsky Fraser Canadian Equity Fund 3.71 54,178 1,759 1,815 Montrusco Bolton Quantitative Canadian Equity Fund 1.73 20,779 783 847 Fiera Capital Small Cap Section Fund 0.99 2,564 344 486 ASTRA Hillsdale U.S. Equity Fund, Class B 3.47 118,675 1,500 1,697 ASTRA Carnegie International Equity Fund 3.50 155,613 1,382 1,708 Hexavest World Fund 4.96 2,131 2,191 2,426 Lazard Global Small Cap Equity (Canada) Fund 2.01 53,900 849 983 ASTRA Fisher Emerging Markets Equity Fund 1.98 95,907 924 967 ASTRA CoreCommodity Management Commodity Fund, Class A 3.91 232,101 2,122 1,910 ASTRA Morgan Stanley Global Real Estate Fund 3.95 166,415 1,738 1,931 Lazard Global Listed Infrastructure (Canada) Fund 3.98 147,898 1,577 1,945








38

Nature and extent of risks arising from financial instruments The ASTRA Celestia Conservative Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Conservative Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (60%)






AlphaFixe Capital


PIMCO Canada

















Hexavest World Fund (page 48)




ASTRA Fisher Emerging Markets Equity Fund (page 48)

Fisher Investments

Specialty Funds (12%)

Funds Managers ASTRA CoreCommodity Management Commodity Fund, Class A (page 155)

CoreCommodity Management

ASTRA Morgan Stanley Global Real Estate Fund (page 152)

Morgan Stanley Investment Management

Lazard Global Listed Infrastructure (Canada) Fund (page 48)



2013



Investment Funds 47,555 847 - 48,402


Money Market - - - -Total 47,555 847 - 48,402

2012






ASTRA CELESTIA BALANCED FUND


39


91,974 56,703


15 366

Net Assets 91,959 56,337





- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 1,348 1,149 Management fee distribution received 1,051 459

2,400 1,609


2,244 1,267



Net realized gain distributed by the underlying fund 2,426 596 Net unrealized gain (loss) on investments 3,580 1,608





40


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.70%) ASTRA Treasury Fund 4.94 426,686 4,577 4,544 ASTRA Fiera Capital Bond Fund 12.34 1,078,187 11,581 11,345 ASTRA AlphaFixe Bond Fund 5.92 529,296 5,639 5,448 BlackRock Canada Real Return Bond Index Fund, Class D 3.93 265,453 3,987 3,613 PIMCO Canada Canadian CorePLUS Bond Trust 12.34 113,103 11,649 11,346ASTRA Triasima Canadian Equity Fund 6.26 417,486 4,985 5,755 Greystone Canadian Equity Fund 3.27 117,157 2,664 3,007 Jarislowsky Fraser Canadian Equity Fund 6.27 172,167 5,574 5,769 Montrusco Bolton Quantitative Canadian Equity Fund 3.24 73,097 2,740 2,980 Fiera Capital Small Cap Section Fund 2.02 9,787 1,299 1,854 ASTRA Hillsdale U.S. Equity Fund, Class B 6.03 387,801 4,826 5,546 ASTRA Carnegie International Equity Fund 6.06 508,039 4,437 5,575 Hexavest World Fund 8.05 6,501 6,633 7,402 Lazard Global Small Cap Equity (Canada) Fund 2.04 102,710 1,599 1,873 ASTRA Fisher Emerging Markets Equity Fund 2.00 182,465 1,753 1,841 ASTRA CoreCommodity Management Commodity Fund, Class A 4.95 552,956 5,169 4,551 ASTRA Morgan Stanley Global Real Estate Fund 5.00 396,399 4,094 4,599 Lazard Global Listed Infrastructure (Canada) Fund 5.04 352,571 3,689 4,638




TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.



41

Nature and extent of risks arising from financial instruments The ASTRA Celestia Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Balanced Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%)






AlphaFixe Capital




PIMCO Canada






















Fisher Investments









2013






2012






ASTRA CELESTIA GROWTH FUND


42


41,671 26,450


46 -

Net Assets 41,625 26,450





- -



Changes in number of units Units outstanding at the beginning 2,632,227 1,951,724 Units issued 1,422,364 972,159 Units redeemed (387,478) (291,656)


DISTRIBUTIONS



1,101 738


1,053 603



Net realized gain distributed by the underlying fund 1,315 272 Net unrealized gain (loss) on investments 2,312 909





43


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.61%) ASTRA Fiera Capital Bond Fund 9.23 365,002 3,918 3,841 ASTRA AlphaFixe Bond Fund 3.40 137,617 1,468 1,417 BlackRock Canada Real Return Bond Index Fund, Class D 3.63 110,886 1,660 1,509 PIMCO Canada Canadian CorePLUS Bond Trust 9.08 37,688 3,879 3,781 ASTRA Triasima Canadian Equity Fund 6.90 208,442 2,485 2,874 Greystone Canadian Equity Fund 3.96 64,262 1,441 1,649 Jarislowsky Fraser Canadian Equity Fund 6.92 85,951 2,752 2,880 Montrusco Bolton Quantitative Canadian Equity Fund 3.93 40,088 1,498 1,634 Fiera Capital Small Cap Section Fund 1.99 4,363 561 827 ASTRA Hillsdale U.S. Equity Fund, Class B 7.43 216,178 2,683 3,092 ASTRA Carnegie International Equity Fund 7.46 282,931 2,409 3,105 Hexavest World Fund 8.91 3,258 3,309 3,710 Lazard Global Small Cap Equity (Canada) Fund 3.01 68,716 1,063 1,253 ASTRA Fisher Emerging Markets Equity Fund 2.96 122,026 1,172 1,231 ASTRA CoreCommodity Management Commodity Fund, Class A 6.82 345,030 3,233 2,840 ASTRA Morgan Stanley Global Real Estate Fund 7.04 252,489 2,603 2,928Lazard Global Listed Infrastructure (Canada) Fund 6.94 219,916 2,254 2,892








44

Nature and extent of risks arising from financial instruments The ASTRA Celestia Growth Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Growth Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (25%)




AlphaFixe Capital




PIMCO Canada






















Fisher Investments









2013






2012






ASTRA CELESTIA AGGRESSIVE FUND


45


32,499 20,815


216 -

Net Assets 32,283 20,815





- -





DISTRIBUTIONS



861 587

Expenses (note 4) Management fees 815 502 Administrative fees 28 19

843 521



Net realized gain distributed by the underlying fund 1,208 208 Net unrealized gain (loss) on investments 2,428 962





46


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.66%) ASTRA Fiera Capital Bond Fund 2.94 90,326 966 950 ASTRA AlphaFixe Bond Fund 1.96 61,570 655 634 BlackRock Canada Real Return Bond Index Fund, Class D 1.95 46,396 699 631 PIMCO Canada Canadian CorePLUS Bond Trust 2.95 9,482 974 951 ASTRA Triasima Canadian Equity Fund 7.97 186,626 2,232 2,573 Greystone Canadian Equity Fund 4.00 50,337 1,130 1,292 Jarislowsky Fraser Canadian Equity Fund 7.99 76,931 2,455 2,578 Montrusco Bolton Quantitative Canadian Equity Fund 3.96 31,402 1,168 1,280 Fiera Capital Small Cap Section Fund 3.00 5,122 677 970 ASTRA Hillsdale U.S. Equity Fund, Class B 8.50 191,830 2,352 2,743 ASTRA Carnegie International Equity Fund 8.55 251,448 2,133 2,759 Hexavest World Fund 11.01 3,120 3,157 3,553 Lazard Global Small Cap Equity (Canada) Fund 4.05 71,720 1,114 1,308 ASTRA Fisher Emerging Markets Equity Fund 3.98 127,509 1,227 1,286 ASTRA CoreCommodity Management Commodity Fund, Class A 8.86 347,614 3,285 2,861 ASTRA Morgan Stanley Global Real Estate Fund 8.96 249,228 2,553 2,892 Lazard Global Listed Infrastructure (Canada) Fund 9.03 221,388 2,294 2,913








47

Nature and extent of risks arising from financial instruments The ASTRA Celestia Aggressive Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Aggressive Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (10%)




AlphaFixe Capital




PIMCO Canada






















Fisher Investments









2013






2012






ASTRA STRATEGY & CELESTIA FUNDS

TOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2013

48

TOP HOLDINGS OF UNDERLYING FUND

ASTRA AlphaFixe Bond Fund %Government of Canada, 4.00%, 06-01-2041 5.59Province of Quebec, 3.50%, 12-01-2022 5.23Government of Canada, 1.50%, 03-01-2017 4.11Province of Ontario, 3.15%, 06-02-2022 3.89Government of Canada, 1.50%, 06-01-2023 3.70


BlackRock Canada Real Return Bond Index Fund, Class D %Government of Canada, 4.00%, 12-01-2031 17.10Government of Canada, 4.25%, 12-01-2026 15.27Government of Canada, 3.00%, 12-01-2036 14.17Government of Canada, 4.25%, 12-01-2021 14.16Government of Canada, 1.50%, 12-01-2044 12.84


PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut UK 90DAY LIF 06-17-2015 40.79Fin Fut BA MSE 03-16-2015 8.17Fin Fut EURO$ CME 09-14-2015 8.09Fin Fut BA MSE 09-15-2014 7.01Fin Fut BA MSE 12-15-2014 6.80

TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund %The Toronto-Dominion Bank 8.39Royal Bank of Canada 7.56Bank of Nova Scotia 7.29Canadian National Railway Company 5.23Suncor Energy Inc. 4.71

TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %The Toronto-Dominion Bank 8.32Jarislowsky Fraser Special Equity Fund 7.78Bank of Nova Scotia 7.16Royal Bank of Canada 6.96Suncor Energy Inc. 4.65


Montrusco Bolton Quantitative Canadian Equity Fund %Valeant Pharmaceuticals International Inc. 10.36Constellation Software Inc. 10.28Methanex Corp. 9.84Open Text Corp. 9.69Magna International Inc. 9.36


Fiera Capital Small Cap Section Fund %FirstService Corp. 3.63Secure Energy Services Inc. 3.53Badger Daylighting Ltd. 3.45Linamar Corp. 3.19Stella-Jones Inc. 3.17


ASTRA Hillsdale U.S. Equity Fund, Class B %Amdocs Ltd. 1.47Johnson & Johnson 1.23Lockheed Martin Corp. 1.05Northfield Bancorp Inc. 0.97Capitol Federal Financial Inc. 0.96


Hexavest World Fund %Exxon Mobil Corp. 2.63Microsoft Corp. 1.79Apple Inc. 1.61Chevron Corp. 1.56Pfizer Inc. 1.48

TOP HOLDINGS OF UNDERLYING FUND Hexavest All-Country World Index Fund %Exxon Mobil Corp. 2.27Microsoft Corp. 1.55Apple Inc. 1.39Chevron Corp. 1.35Pfizer Inc. 1.28

TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund %Azimut Holding SpA 2.52Jafco Co. Ltd. 2.21Intrum Justitia AB 1.95IG Group Holdings PLC 1.89NetScout Systems Inc. 1.82

TOP HOLDINGS OF UNDERLYING FUND ASTRA Fisher Emerging Markets Equity Fund %Tencent Holdings Ltd. 4.67Sands China Ltd. 3.87Samsung Electronics Co. Ltd. 3.64Lenovo Group Ltd. 3.55Naver Corp. 3.20


Lazard Global Listed Infrastructure (Canada) Fund %Atlantia SpA 8.55Fraport AG 8.35Aéroports de Paris 4.78Vinci SA 4.74Tokyo Gas Co. Ltd. 4.53

ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND


49

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 17,165 16,634 Cash - 55 Receivables - 8

17,165 16,697

Liabilities Bank overdraft 8 -Accounts payable - 67

8 67

Net Assets 17,157 16,630




(171) 4,005 Distributions to unitholders Net investment income - (22)Net realized gain on sale of investments - -

- (22)





DISTRIBUTIONS



604 510


472 392



Net realized gain distributed by the underlying fund 157 76 Net unrealized gain (loss) on investments 227 239 Transaction costs (5) -





50


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.05%) ASTRA Canadian Fundamental Equity Fund 13.17 189,457 1,994 2,260 ASTRA U.S. Fundamental Equity Fund 8.09 85,886 994 1,388 ASTRA International Fundamental Equity Fund 8.27 129,760 1,084 1,419 ASTRA Emerging Markets Fundamental Equity Fund 5.99 101,382 1,059 1,028 BlackRock Canada Universe Bond Index Fund, Class D 64.53 475,864 11,355 11,070








51

Nature and extent of risks arising from financial instruments The ASTRA Conservative Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Conservative Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%)

Funds Manager BlackRock Canada Universe Bond Index Fund, Class D (page 61)



Funds Manager ASTRA Canadian Fundamental Equity Fund (page 94)



Funds Manager ASTRA U.S. Fundamental Equity Fund (page 110)

BlackRock Asset Management ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)


2013






2012






ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND


52


47,158 37,594


- -

Net Assets 47,158 37,594




5,444 6,007 Distributions to unitholders Net investment income - (15)Net realized gain on sale of investments - -

- (15)





DISTRIBUTIONS

($/unit) 2013 2012Net investment income - 0.01Net realized gain on sale of investments - -


1,418 1,067


1,175 868



Net realized gain distributed by the underlying fund 228 151 Net unrealized gain (loss) on investments 3,205 1,306Transaction costs (19) -





53


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.87%) ASTRA Canadian Fundamental Equity Fund 22.13 874,654 9,226 10,435 ASTRA U.S. Fundamental Equity Fund 14.05 410,048 4,764 6,625 ASTRA International Fundamental Equity Fund 14.36 619,268 5,188 6,771 ASTRA Emerging Markets Fundamental Equity Fund 9.91 460,940 4,815 4,673 BlackRock Canada Universe Bond Index Fund, Class D 39.42 799,193 18,910 18,591








54

Nature and extent of risks arising from financial instruments The ASTRA Balanced Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Balanced Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%)










2013






2012






ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND


55

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 25,890 19,717 Cash 173 -Receivables - 7

26,063 19,724

Liabilities Bank overdraft - 7 Accounts payable - -

- 7

Net Assets 26,063 19,717





- -





DISTRIBUTIONS



744 574


631 500



Net realized gain distributed by the underlying fund 94 77 Net unrealized gain (loss) on investments 2,330 700Transaction costs (11) -





56


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.34%) ASTRA Canadian Fundamental Equity Fund 25.95 566,759 6,027 6,762 ASTRA U.S. Fundamental Equity Fund 16.92 273,006 3,228 4,411 ASTRA International Fundamental Equity Fund 17.30 412,276 3,511 4,508 ASTRA Emerging Markets Fundamental Equity Fund 9.83 252,765 2,642 2,562 BlackRock Canada Universe Bond Index Fund, Class D 29.34 328,713 7,790 7,647








57

Nature and extent of risks arising from financial instruments The ASTRA Growth Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Growth Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%)










2013






2012






ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND


58


19,816 15,441


- -

Net Assets 19,816 15,441





- -





DISTRIBUTIONS



593 395


511 355



Net realized gain distributed by the underlying fund 52 49 Net unrealized gain (loss) on investments 2,228 720 Transaction costs (11) -





59


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.80%) ASTRA Canadian Fundamental Equity Fund 28.01 465,183 4,915 5,550 ASTRA U.S. Fundamental Equity Fund 19.96 244,773 2,858 3,954ASTRA International Fundamental Equity Fund 20.40 369,637 3,091 4,042 ASTRA Emerging Markets Fundamental Equity Fund 11.82 231,180 2,411 2,343 BlackRock Canada Universe Bond Index Fund, Class D 19.61 167,071 3,989 3,887








60

Nature and extent of risks arising from financial instruments The ASTRA Aggressive Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Aggressive Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%)










2013






2012






ASTRA FUNDAMENTAL PORTFOLIOS FUNDS

TOP HOLDINGS OF UNDERLYING FUND As at December 31, 2013

61


BlackRock Canada Universe Bond Index Fund, Class D %Government of Canada, 3.75%, 06-01-2019 1.46Government of Canada, 4.00%, 06-01-2041 1.32Government of Canada, 5.00%, 06-01-2037 1.25Government of Canada, 5.75%, 06-01-2033 1.20Government of Canada, 3.50%, 06-01-2020 1.08Canada Housing Trust No 1, 2.75%, 06-15-2016 1.07Government of Canada, 1.50%, 08-01-2015 1.00Government of Canada, 5.75%, 06-01-2029 0.99Government of Canada, 1.25%, 02-01-2016 0.96Government of Canada, 3.00%, 12-01-2015 0.92Government of Canada, 3.25%, 06-01-2021 0.90Canada Housing Trust No 1, 1.70%, 12-15-2017 0.89Canada Housing Trust No 1, 2.05%, 06-15-2017 0.87Province of Ontario, 4.20%, 06-02-2020 0.85Government of Canada, 1.50%, 06-01-2023 0.85Government of Canada, 2.75%, 06-01-2022 0.85Government of Canada, 4.25%, 06-01-2018 0.84Government of Canada, 3.50%, 12-01-2045 0.83Government of Canada, 4.00%, 06-01-2017 0.83Province of Ontario, 3.15%, 06-02-2022 0.83Province of Ontario, 2.85%, 06-02-2023 0.83Canada Housing Trust No 1, 1.85%, 12-15-2016 0.83Government of Canada, 2.50%, 06-01-2015 0.80Province of Ontario, 4.00%, 06-02-2021 0.79Government of Canada, 1.00%, 02-01-2015 0.78

ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND


62

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 3,189 4,097 Cash 72 2Receivables 50 2

3,311 4,101


99 -

Net Assets 3,212 4,101


CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 4,101 789

Capital units transactions Proceeds from issue of units 1,295 4,409 Reinvestment of distributions - -Redemption of units (1,280) (681)

15 3,728 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -

Increase (decrease) in net assets from operations (904) (416)


Changes in number of units Units outstanding at the beginning 478,672 85,632 Units issued 163,423 469,403 Units redeemed (171,805) (76,363)

Units outstanding at the end 470,290 478,672

DISTRIBUTIONS



41 46


91 71

Net investment income (loss) (50) (25)

Net realized gain (loss) on sale of investments (243) (7)

Net realized gain distributed by the underlying fund - 21 Net unrealized gain (loss) on investments (604) (405)Transaction costs (7) -

Increase (decrease) in net assets from operations (904) (416)

Increase (decrease) in net assets from operations per unit (1.83) (1.18)Management Expense Ratio 3.67% 3.42%



63


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.28%) ASTRA Fiera Capital Bond Fund 38.88 118,723 1,307 1,249 Sprott Canadian Equity Fund 48.35 77,983 2,560 1,553 Sprott Small Cap Equity Fund 12.05 32,346 385 387





ASTRA Fiera Capital Bond Fund Please refer to the page 12.


Sprott Canadian Equity Fund %First Majestic Silver Corp. 4.85Canacol Energy Ltd. 3.45Fortuna Silver Mines Inc. 3.19Mandalay Resource Compagny 2.53Gildan Activewear Inc. 2.42


Sprott Small Cap Equity Fund %AutoCanada Inc. 6.22Boyd Group Income Fund 6.09Home Capital Group Inc. 5.14Canacol Energy Ltd. 4.09Guardian Capital Group Ltd., Class A 3.30



64

Nature and extent of risks arising from financial instruments The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is a segregated fund that invests exclusively in the underlying funds called ASTRA Fiera Capital Bond Fund, Sprott Canadian Equity Fund and Sprott Small Cap Equity Fund. The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital Corporation and Sprott Asset Management LP. The managers’ investment strategy favours underlying funds that contain fixed income securities, Canadian equities and small-cap equities. The fund’s assets are made up approximately 40% fixed-income securities and 60% equity securities.


2013






2012






ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND


65

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 44,254 45,017 Cash - 286Receivables - 28

44,254 45,331

Liabilities Bank overdraft 28 -Accounts payable - -

28 -

Net Assets 44,226 45,331




(4,973) 8,922Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -



Changes in number of units Units outstanding at the beginning 4,526,839 3,617,941 Units issued 707,748 1,883,712 Units redeemed (1,194,562) (974,814)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,777 1,535Management fee distribution received - -

1,777 1,535


1,275 1,145


Net realized gain (loss) on sale of investments (20) (76)

Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,386 659





66


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.06%) Fidelity Canadian Asset Allocation Fund 1,682,804 42,583 44,254



TOP HOLDINGS OF UNDERLYING FUND Fidelity Canadian Asset Allocation Fund %SPDR S&P 500 ETF Trust 4.71The Toronto-Dominion Bank 4.13Royal Bank of Canada 3.59Bank of Nova Scotia 2.97Shoppers Drug Mart Corp. 2.71S&P 500 E-mini Futures Mar14 2.41Enbridge Inc. 1.98Manulife Financial Corp. 1.68United States Treasury Note, 2.00%, 09-30-2020 1.67Suncor Energy Inc. 1.37Constellation Software Inc. 1.36ARC Resources Ltd. 1.28Bank of Montreal 1.24Methanex Corp. 1.22Tourmaline Oil Corp. 1.17Brookfield Asset Management Inc., Class A 1.16S&P/TSX 60 Index Future Mar14 1.04Keyera Corp. 0.98Canadian Natural Resources Ltd. 0.96BCE Inc. 0.89TELUS Corp. 0.87CGI Group Inc., Class A 0.86Metro Inc. 0.85Secure Energy Services Inc. 0.85Whitecap Resources Inc. 0.82



67

Nature and extent of risks arising from financial instruments The ASTRA Fidelity Canadian Asset Allocation Fund is a segregated fund that invests exclusively in the underlying fund called Fidelity Canadian Asset Allocation Fund. The ASTRA Fidelity Canadian Asset Allocation Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fidelity Investments using a management method it developed, which uses the manager's strategy to invest in a diversified portfolio of equities and fixed-income securities. The fund’s assets include Canadian and foreign equities, percentage of which varies from 20% to 90%. The Fund invests 10% to 60% in fixed-income securities, and 0% to 70% in money market securities. The Fund’s neutral mix is 65% Canadian equities, 30% fixed-income securities and 5% money market securities. The manager’s philosophy is to add value using the neutral mix as a guideline and gradually adjust the Fund’s assets in reaction to, or in anticipation of, market changes.


2013






2012






ASTRA DYNAMIC POWER BALANCED FUND


68


9,990 5,482


- 60

Net Assets 9,990 5,422





- -



Changes in number of units Units outstanding at the beginning 543,277 128,586 Units issued 497,358 487,070 Units redeemed (143,786) (72,379)

Units outstanding at the end 896,849 543,277

DISTRIBUTIONS



69 96


270 109



Net realized gain distributed by the underlying fund 160 -Net unrealized gain (loss) on investments 991 154





69


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.63%) Dynamic Power Balanced Fund, Serie OP 864,673 8,827 9,953



TOP HOLDINGS OF UNDERLYING FUND Dynamic Power Balanced Fund, Serie OP %Dynamic Power American Growth Class Fund, Serie E 14.54Bank of Nova Scotia 2.44MetLife Inc. 2.35The Walt Disney Co. 2.32Gilead Sciences Inc. 2.22Royal Bank of Canada 2.06Paramount Resources Ltd., Class A 2.06Canfor Corp. 1.98Canadian Western Bank 1.94Morgan Stanley 1.94Gildan Activewear Inc., Class A 1.93Celestica Inc. 1.93Tricon Capital Group Inc. 1.87The Toronto-Dominion Bank 1.83Manulife Financial Corp. 1.81Bank of Montreal 1.74ABB Ltd. 1.72Hudson's Bay Co. 1.72Sun Life Financial Inc. 1.68Encana Corp. 1.63Valeant Pharmaceuticals International Inc. 1.62Power Financial Corp. 1.60Alimentation Couche-Tard Inc., Class B 1.49Catamaran Corp. 1.48Quebecor Inc., Class B 1.41



70

Nature and extent of risks arising from financial instruments The ASTRA Dynamic Power Balanced Fund is a segregated fund that invests exclusively in the underlying fund called Dynamic Power Balanced Fund, Serie OP. The ASTRA Dynamic Power Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Dynamic Funds. The manager's investment strategy favours a diversified portfolio of equities and fixed-income securities. Fund assets of these two components may vary from 40% to 60%. For the equities portion, the manager uses a fundamental analysis to assess the growth potential of these holdings. Assessment of the financial situation and management of each company, its business sector and the economy as a whole are analyzed.


2013






2012






ASTRA ACUITY HIGH INCOME FUND


71

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 66,424 86,629 Cash - -Receivables - 158

66,424 86,787

Liabilities Bank overdraft 130 186Accounts payable - -

130 186

Net Assets 66,294 86,601



Capital units transactions Proceeds from issue of units 9,988 17,770 Reinvestment of distributions 2,372 2,723 Redemption of units (30,450) (24,572)

(18,090) (4,079)Distributions to unitholders Net investment income (431) (660)Net realized gain on sale of investments - -Return of capital (2,700) (2,957)

(3,131) (3,617)





DISTRIBUTIONS

($/unit) 2013 2012Net investment income 0.04 0.05Net realized gain on sale of investments - -Return of capital 0.26 0.25

OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 2,691 3,084Management fee distribution received - -

2,692 3,085


2,261 2,425


Net realized gain (loss) on sale of investments (1,356) (797)



Increase (decrease) in net assets from operations per unit 0.09 0.02Management Expense Ratio 3.07% 2.78%



72


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.20%) Acuity Pooled High Income Fund 4,230,804 65,012 66,424



TOP HOLDINGS OF UNDERLYING FUND Acuity Pooled High Income Fund %Royal Bank of Canada 2.64Bank of Nova Scotia 2.58Secure Energy Services Inc. 2.48The Toronto-Dominion Bank 2.47Canada Housing Trust No 1, 1.85%, 12-15-2016 1.72Canadian National Railway Company 1.63Precision Drilling Corp. 1.56TORC Oil & Gas Ltd. 1.48Teck Resources Ltd., Class B 1.47Suncor Energy Inc. 1.46Just Energy Group Inc., 6.00%, 06-30-2017 1.38Bank of Montreal 1.37Philip Morris International Inc. 1.35Canada Housing Trust No 1, 2.05%, 06-15-2018 1.33Frontier Communications Corp. 1.32Manulife Financial Corp. 1.25Alimentation Couche-Tard Inc., Class B 1.23Coca-Cola Amatil Ltd. 1.23CIBC 1.22Imperial Tobacco Group PLC 1.20Canadian Energy Services & Technology Corp. 1.19Government of Canada, 5.75%, 06-01-2033 1.15Eni SpA 1.15Invesco Ltd. 1.13Monadelphous Group Ltd. 1.13



73

Nature and extent of risks arising from financial instruments The ASTRA Acuity High Income Fund is a segregated fund that invests exclusively in the underlying fund called Acuity Pooled High Income Fund. The ASTRA Acuity High Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Acuity Investment Management. The manager's investment strategy is to favours a bottom-up management approach. The fund has a blended value/growth management style. Preference is given to reasonably priced securities of corporations that are able to maintain interest and dividend payments in the medium term.


2013






2012






ASTRA UBS GLOBAL HIGH INCOME FUND


74


44,531 22,649


- -

Net Assets 44,531 22,649



Capital units transactions Proceeds from issue of units 23,617 10,373 Reinvestment of distributions 1,099 509 Redemption of units (5,010) (3,776)

19,706 7,106Distributions to unitholders Net investment income - (159)Net realized gain on sale of investments (108) (7)Return of capital (1,606) (730)

(1,714) (896)





DISTRIBUTIONS

($/unit) 2013 2012Net investment income - 0.05Net realized gain on sale of investments 0.01 0.01Return of capital 0.29 0.24

OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,065 657 Management fee distribution received - -

1,065 657


1,077 498



Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,781 1,613





75


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.59%) UBS (Canada) Global Allocation Fund 4,684,602 39,769 44,348



TOP HOLDINGS OF UNDERLYING FUND UBS (Canada) Global Allocation Fund %Australian Government, 5.75%, 05-15-2021 2.06Bundesrepublik Deutschland, 3.25%, 07-04-2021 1.61Republic of Finland, 4.38%, 07-04-2019 1.46Novartis AG 1.33Nestlé SA 1.30Toyota Motor Corp. 1.16Bayer AG 1.13Kingdom of Sweden, 5.00%, 12-01-2020 1.11Bundesobligation, 1.25%, 10-14-2016 1.09BP PLC 1.09Italy Buoni Poliennali Del Tesoro, 2.10%, 09-15-2021 1.04Vodafone Group PLC 0.95Carrefour SA 0.84Imperial Tobacco Group PLC 0.84AIA Group Ltd. 0.81Mitsubishi UFJ Financial Group Inc. 0.80Itochu Corp 0.79Prudential PLC 0.78Rio Tinto PLC 0.78Sampo, Class A 0.77Banco Santander SA 0.77Shire PLC 0.76Total SA 0.75Wolters Kluwer NV 0.75Kingdom of Belgium, 1.25%, 06-22-2018 0.74



76

Nature and extent of risks arising from financial instruments The ASTRA UBS Global High Income Fund is a segregated fund that invests exclusively in the underlying fund called UBS (Canada) Global Allocation Fund. The ASTRA UBS Global High Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by UBS Global Asset Management. The manager's investment strategy favours a bottom-up management approach for the choice of securities as well as a top-down approach for the choice of sectors and asset allocation. The manager’s philosophy is to earn superior returns with a moderate risk profile.


2013






2012






ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND


77


42,228 17,668


- 65

Net Assets 42,228 17,603


CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 17,603 -



- -



Changes in number of units Units outstanding at the beginning 1,588,590 -Units issued 2,449,184 1,868,324 Units redeemed (681,567) (279,734)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,041 339 Management fee distribution received - -

1,041 339


780 200








78


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.48%) Guardian Equity Income Fund, Serie I 2,389,679 37,017 42,010



TOP HOLDINGS OF UNDERLYING FUND Guardian Equity Income Fund, Serie I %Guardian Canadian Short-Term Investment Fund 4.37Bank of Nova Scotia 4.28Royal Bank of Canada 4.08The Toronto-Dominion Bank 4.07Baytex Energy Corp. 3.80TELUS Corp. 3.63Canadian REIT 3.17Crescent Point Energy Corp. 3.13Manulife Financial Corp. 3.07RioCan Real Estate Investment Trust 3.01ARC Resources Ltd. 2.96AtlaGas Ltd. 2.90CIBC 2.80Keyera Corp. 2.68Pembina Pipeline Corp. 2.62Intact Financial Corp. 2.61Vermilion Energy Inc. 2.60Cenovus Energy Inc. 2.55Peyto Exploration & Development Corp. 2.29Shaw Communications Inc. 2.25Mullen Group Ltd. 2.22Bonavista Energy Corp. 2.21Boardwalk REIT 2.17Brookfield Renewable Energy Partners LP 2.07Manitoba Telecom Services Inc. 2.03



79

Nature and extent of risks arising from financial instruments The ASTRA Guardian Canadian Dividend Equity Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Equity Income Fund, Serie I. The ASTRA Guardian Canadian Dividend Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The manager's investment strategy favours a bottom-up management approach and a management style focused equally on growth and value. The manager’s also favours income trusts and reasonably priced high-return equities paying stable and predictable dividends.


2013






2012






ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND


80

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 180,974 198,633Cash 123 375 Receivables - 46

181,097 199,054


- 22

Net Assets 181,097 199,032




(49,856) (28,779)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -





DISTRIBUTIONS



5,419 6,266


5,127 5,259



Net realized gain distributed by the underlying fund 18,747 8,797 Net unrealized gain (loss) on investments 9,226 3,940





81


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.93%) Jarislowsky Fraser Canadian Equity Fund 5,401,109 170,444 180,974



TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %The Toronto-Dominion Bank 8.32Jarislowsky Fraser Special Equity Fund 7.78Bank of Nova Scotia 7.16Royal Bank of Canada 6.96Suncor Energy Inc. 4.65Canadian National Railway Company 3.93Manulife Financial Corp. 3.50Cenovus Energy Inc. 3.44Metro Inc. 3.34SNC-Lavalin Group Inc. 3.28Canadian Natural Resources Ltd. 3.28Thomson Reuters Corp. 3.17Potash Corporation of Saskatchewan Inc. 3.13Enbridge Inc. 3.03Shoppers Drug Mart Corp. 2.49Great-West Lifeco Inc. 2.32Canadian Tire Corp. Ltd., Class A 2.18Tim Hortons Inc. 2.13Open Text Corp. 2.12Talisman Energy Inc. 2.04West Fraser Timber Co. Ltd. 2.03Shaw Communications Inc. 2.02Loblaw Companies Ltd. 1.99ARC Resources Limited 1.95Cameco Corp. 1.78



82

Nature and extent of risks arising from financial instruments The ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund is a segregated fund that invests exclusively in the underlying fund called Jarislowsky Fraser Canadian Equity Fund. The ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Jarislowsky Fraser Ltd. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. The manager's philosophy is founded upon conservative, time proven principles of fundamental investing.


2013






2012






ASTRA TRIASIMA CANADIAN EQUITY FUND


83


194,508 106,816


- -

Net Assets 194,508 106,816



Transactional NAV at closing prices of investments 194,800 106,816Adjustment to bid prices of investments (292) -



Adjustment per unit to bid prices of investments (0.02) -






- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 3 1 Dividends 401 -Distribution from the underlying fund - 668 Management fee distribution received 3,519 1,497

3,923 2,166


4,789 1,909


Net realized gain (loss) on sale of investments (3,574) 21 Net unrealized gain (loss) on investments 35,781 4,698 Transaction costs (14) -




FINANCIAL STATEMENTS (in thousands, except number of shares)


84

Par Average Fair

Value Cost Value

$ $

MONEY MARKET (2.99%)

Government of Canada, Treasury Bill, 0.94%, 12-18-2014 1,000 991 991

Government of Canada, Treasury Bill, 0.93%, 11-20-2014 1,150 1,140 1,140

Province of Saskatchewan, Note, 0.94%, 02-14-2014 700 699 699

Province of British Columbia, Note, 1.04%, 12-17-2014 1,000 990 990

Province of Manitoba, Note, 0.97%, 03-26-2014 1,000 998 998

Province of Ontario, Treasury Bill, 0.99%, 03-12-2014 500 499 499Royal Bank of Canada, Bank Acceptance, 1.27%, 09-04-2014 500 496 496

TOTAL MONEY MARKET 5,813 5,813

Number Average Fair

of Shares Cost Value

$ $

CANADIAN EQUITIES (96.66%)

Energy (14.65%)

AltaGas Ltd. 23,225 780 947

ARC Resources Ltd. 64,513 1,744 1,904

ATCO Ltd., Class I 19,784 827 922

Canadian Natural Resources Ltd. 69,674 2,326 2,502

Husky Energy Inc. 60,212 1,822 2,029

Inter Pipeline Ltd. 133,326 3,275 3,444

Mullen Group Ltd. 68,813 1,930 1,943

Peyto Exploration & Development Corp. 116,123 3,322 3,762

ShawCor Ltd. 26,665 998 1,131

Suncor Energy Inc. 88,597 3,300 3,297

Tourmaline Oil Corp. 73,470 2,747 3,280

Vermilion Energy Inc. 33,107 1,976 2,063

WaterFurnace Renewable Energy Inc. 53,330 853 1,269

25,900 28,493

Materials (2.73%)

Alamos Gold Inc. 98,919 1,716 1,272

CCL Industries Inc., Class B NV 32,686 1,201 2,586

Intertape Polymer Group Inc. 38,708 279 542

SEMAFO Inc. 331,165 955 921

4,151 5,321

Industrials (14.56%)

ATS Automation Tooling Systems Inc. 86,017 761 1,166

Canadian National Railway Company 48,169 2,078 2,916

Canadian Pacific Railway Ltd. 32,686 3,148 5,248

FirstService Corp. 43,008 1,882 1,946

MacDonald, Dettwiler & Associates Ltd. 23,225 1,942 1,901

Stantec Inc. 59,352 2,487 3,909

Transcontinental Inc., Class A 129,025 1,639 1,886

TransForce Inc. 77,415 1,024 1,950

West Fraser Timber Co. Ltd. 50,750 3,947 5,237

WestJet Airlines Ltd. 77,415 1,596 2,155

20,504 28,314

Number Average Fair


$ $

CANADIAN EQUITIES (96.66%) (Cont'd)

Consumer Discretionary (11.71%)

Aimia Inc. 111,822 1,644 2,181

Canadian Tire Corp. Ltd., Class A NV 18,924 1,788 1,882

Cineplex Inc. 86,017 2,374 3,789

Dorel Industries Inc., Class B 55,911 1,615 2,255

Gildan Activewear Inc. 129,025 4,553 7,280

Magna International Inc. 61,932 3,145 5,392

15,119 22,779

Consumer Staples (6.40%)

Alimentation Couche-Tard Inc., Class B 98,919 4,457 7,865

The Jean Coutu Group (PJC) Inc., Class A 202,139 3,887 3,719

The North West Co. Inc. 33,547 858 861

9,202 12,445

Health Care (4.30%)

Valeant Pharmaceuticals International Inc. 67,093 4,094 8,361

Financials (34.80%)

Bank of Montreal 51,610 3,198 3,653

Bank of Nova Scotia 60,212 3,406 4,000

Brookfield Asset Management Inc., Class A 64,513 2,483 2,651

CI Financial Corp. 103,220 2,740 3,646

CIBC 30,106 2,240 2,731

Great-West Lifeco Inc. 180,635 5,019 5,905

Home Capital Group Inc. 24,945 1,989 2,008

IGM Financial Inc. 38,708 1,897 2,170

Industrial Alliance 94,618 3,224 4,439

Manulife Financial Corp. 378,474 6,357 7,929

Onex Corp. 38,708 1,571 2,218

Power Corporation of Canada 124,724 3,713 3,966

Power Financial Corp. 111,822 3,640 4,021

Royal Bank of Canada 98,919 5,831 7,061

Sun Life Financial Inc. 163,432 4,956 6,130

The Toronto-Dominion Bank 51,610 4,629 5,166

56,893 67,694

Telecommunication Services (1.23%)

TELUS Corp. 65,373 1,611 2,390

Information Technology (6.28%)

CGI Group Inc., Class A 154,830 5,029 5,498

Constellation Software Inc. 19,784 3,217 4,447

Open Text Corp. 23,225 2,093 2,264

10,339 12,209

TOTAL CANADIAN EQUITIES 147,813 188,006






85

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Triasima Canadian Equity Fund (the “Fund”) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of Canadian large -cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Triasima Inc. Portfolio Management, is to favour a bottom-up analysis of the companies and a predominantly value management style. The manager uses qualitative and quantitative measures for selecting the securities. As at December 31, 2013, the Fund’s asset is mainly made up of Canadian equities. December 31, 2012, the Fund invested in units of underlying funds Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivatives instruments. The Fund does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk The Fund’s exposure to credit risk is limited to the holding of money market securities. Therefore, the Fund is not significantly exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013, the Fund is mainly invested in equity securities. Consequently, a fluctuation of interest rate would not have significant impact on the Fund.

Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund is composed mainly of marketable securities composing the Canadian market S&P/TSX Index. The percentage in foreign issuers is limited to 10% of the Fund’s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.


(%)


($)

S&P/TSX Index + 5.00 - 5.00

9,400 (9,400)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2013, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.



86


2013

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 188,006 - - 188,006




Money Market - 5,813 - 5,813Total 188,006 5,813 - 193,819

2012







ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND


87


34,749 45,524


- -

Net Assets 34,749 45,524





- -



Changes in number of units Units outstanding at the beginning 3,978,954 5,247,454 Units issued 578,535 760,285 Units redeemed (1,940,296) (2,028,785)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - 1 Distribution from the underlying fund 951 1,173 Management fee distribution received - -

951 1,174

Expenses (note 4) Management fees 1,055 1,228Administrative fees 39 50

1,094 1,278


Net realized gain (loss) on sale of investments (43) (1,503)






88


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.78%) Greystone Canadian Equity Fund 1,350,988 31,738 34,672



TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund %The Toronto-Dominion Bank 8.39Royal Bank of Canada 7.56Bank of Nova Scotia 7.29Canadian National Railway Company 5.23Suncor Energy Inc. 4.71Manulife Financial Corp. 4.61Enbridge Inc. 4.36Magna International Inc. 3.70Cenovus Energy Inc. 3.34Valeant Pharmaceuticals International Inc. 3.11Alimentation Couche-Tard Inc., Class B 2.99Brookfield Asset Management Inc., Class A 2.78CGI Group Inc., Class A 2.57Husky Energy Inc. 2.49Open Text Corp. 2.34Catamaran Corp. 2.28ARC Resources Ltd. 2.15Dollarama Inc. 2.10Canadian Tire Corp. Ltd., Class A 1.97Crescent Point Energy Corp. 1.93GoldCorp. Inc. 1.93Element Financial Corp. 1.86West Fraser Timber Co. Ltd. 1.80National Bank of Canada 1.80Quebecor Inc., Class B 1.73



89

Nature and extent of risks arising from financial instruments The ASTRA Greystone Canadian Growth Equity Fund is a segregated fund that invests exclusively in the underlying fund called Greystone Canadian Equity Fund. The ASTRA Greystone Canadian Growth Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Greystone Managed Investments. The manager's investment strategy favours a bottom-up management approach and a predominantly growth-oriented management style. The manager favours large-cap companies with prospects for above average earnings growth.


2013






2012






ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND


90


23,866 19,691


7 281

Net Assets 23,859 19,410











597 12,553Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -



Changes in number of units Units outstanding at the beginning 2,189,298 724,606 Units issued 609,831 1,714,666 Units redeemed (520,455) (249,974)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 452 221 Distribution from the underlying fund 13 50 Management fee distribution received 47 -

512 271


675 329



Net realized gain distributed by the underlying fund 414 36 Net unrealized gain (loss) on investments 2,312 992 Transaction costs (20) (22)




FINANCIAL STATEMENTS (in thousands, except numbers of shares and units)


91

Number Average Fair


$ $


Energy (17.25%)

ARC Resources Ltd. 16,150 411 477

Canadian Energy Services & Technology Corp. 22,415 277 517

Canadian Natural Resources Ltd. 8,264 260 297

Cenovus Energy Inc. 27,420 870 834

Crescent Point Energy Corp. 6,375 242 263

Inter Pipeline Ltd. 14,665 356 379

Peyto Exploration & Development Corp. 13,513 303 438

ShawCor Ltd. 11,790 421 500

TransGlobe Energy Corp. 46,530 433 410

3,573 4,115

Materials (6.88%)

Alamos Gold Inc. 22,611 365 291

Argonaut Gold Inc. 36,625 327 195

First Quantum Minerals Ltd. 21,495 424 411

GoldCorp Inc. 8,365 331 192

Major Drilling Group International 40,925 376 312

Potash Corporation of Saskatchewan Inc. 6,860 295 240

2,118 1,641

Industrials (6.40%)

Canadian National Railway Company 10,320 439 625

TransForce Inc. 17,930 401 452

West Fraser Timber Co. Ltd. 4,350 380 449

1,220 1,526


Cogeco Cable Inc. 9,960 463 477

Dollarama Inc. 5,033 311 441

Gildan Activewear Inc. 11,128 332 628

1,106 1,546


Alimentation Couche-Tard Inc., Class B 3,690 268 293

Metro Inc. 4,873 267 316

Saputo Inc. 5,445 238 263

The North West Co. Inc. 12,325 264 316

1,037 1,188

Financials (29.25%)

Alaris Royalty Corp. 8,928 278 266

Bank of Nova Scotia 15,895 857 1,056

Canadian Western Bank 20,226 573 781

Home Capital Group Inc. 8,934 445 719

Industrial Alliance 12,021 370 564

Intact Financial Corp. 7,505 474 520

Laurentian Bank of Canada 7,357 334 345

National Bank of Canada 7,498 571 663

Royal Bank of Canada 6,225 355 444

The Toronto-Dominion Bank 11,042 879 1,105

TMX Group Ltd. 10,145 478 517

5,614 6,980


TELUS Corp. 10,725 339 392

Number Average Fair


$ $

CANADIAN EQUITIES (78.32%) (Cont'd)


CGI Group Inc., Class A 7,194 172 255

Davis + Henderson Corp. 15,250 436 453

Open Text Corp. 6,051 352 590

960 1,298


Number Average Fair

of Units Cost Value

$ $

INVESTMENT FUND (19.65%)

Montrusco Bolton Quantitative Canadian Equity 114,998 4,119 4,688






92

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Montrusco Bolton Canadian Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in Canadian all-cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Montrusco Bolton Investments, is to manage about 80% of the portfolio using an all-cap fundamental approach and 20% using a quantitative approach based on share “momentum”. With regard to the fundamental approach, the manager’s investment strategy is to favour a bottom-up management approach and a predominantly growth-oriented management style. Preference is given to companies whose share valuation presents a strong growth potential. As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of Canadian equities. Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivatives. The Fund does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, it is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, it is not exposed to the risk of interest rate fluctuation.

Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund invests between 90% and 100% in Canadian equities and up to a maximum of 10% in money market securities. The Fund’s assets must be invested in at least seven sectors of the S&P/TSX Index. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets. Exceptions are allowed for securities that have a weighting in the S&P/TSX index that is greater than 10%. In this case, the limit permitted is 65 times the weight of the security in the S&P/TSX composite index. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.


(%)


($)


($)

S&P/TSX Index + 5.00 - 5.00

1,169 (1,169)

942 (942)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.



93


2013



Investment Funds - 4,688 - 4,688



2012







ASTRA CANADIAN FUNDAMENTAL EQUITY FUND


94


27,130 21,483


- -

Net Assets 27,130 21,483












- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 609 399 Management fee distribution received 2 6

611 405


505 295


Net realized gain (loss) on sale of investments 189 98 Net unrealized gain (loss) on investments 2,767 314 Transaction costs (8) (37)





95


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.81%) iShares Canadian Fundamental Index Fund 2,003,525 23,788 26,807



TOP HOLDINGS OF UNDERLYING FUND iShares Canadian Fundamental Index Fund %Royal Bank of Canada 7.25The Toronto-Dominion Bank 6.34Bank of Nova Scotia 5.05Manulife Financial Corp. 4.75Suncor Energy Inc. 4.37Bank of Montreal 3.95Encana Corp. 3.18CIBC 2.94Canadian Natural Resources Ltd. 2.79Financial Sun Life Inc. 2.67TransCanada Corp. 2.48Magna International Inc. 2.05Brookfield Asset Management Inc. 2.01iShares S&P/TSX Global Gold Index Fund 1.79Canadian National Railway Company 1.73Cenovus Energy Inc. 1.66Enbridge Inc. 1.48BCE Inc. 1.46Power Corporation of Canada 1.45Thomson Reuters Corp. 1.36Talisman Energy Inc. 1.35Canadian Oil Sands Ltd. 1.31Penn West Petroleum Ltd. 1.30Teck Ressources Ltd. 1.27National Bank of Canada 1.12



96

Nature and extent of risks arising from financial instruments The ASTRA Canadian Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called iShares Canadian Fundamental Index Fund. The Canadian Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Canada Index, which comprises those Canadian companies with the highest fundamental weightings.


2013


Exchange Traded Funds 26,807 - - 26,807




2012






ASTRA CANADIAN INDEX FUND


97


17,308 37,234


- -

Net Assets 17,308 37,234





- -



Changes in number of units Units outstanding at the beginning 3,422,635 3,881,432 Units issued 434,158 497,044 Units redeemed (2,409,862) (955,841)


DISTRIBUTIONS



762 962


528 931



Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 547 1,584





98


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.99%) BlackRock Canadian Equity Index Fund, Class D 641,678 15,103 17,306



TOP HOLDINGS OF UNDERLYING FUND BlackRock Canadian Equity Index Fund, Class D %Royal Bank of Canada 6.14The Toronto-Dominion Bank 5.50Bank of Nova Scotia 4.79Suncor Energy Inc. 3.31Canadian National Railway Company 3.01Bank of Montreal 2.72Canadian Natural Resources Ltd. 2.33Manulife Financial Corp. 2.31Valeant Pharmaceuticals International Inc. 2.30Enbridge Inc. 2.29CIBC 2.16BCE Inc. 2.13TransCanada Corp. 2.05Potash Corporation of Saskatchewan Inc. 1.80Canadian Pacific Railway Ltd. 1.51Brookfield Asset Management Inc., Class A 1.40Cenovus Energy Inc. 1.37TELUS Corp. 1.36Sun Life Financial Inc. 1.36Barrick Gold Corp. 1.30Magna International Inc. 1.16GoldCorp Inc. 1.12Rogers Communications Inc., Class B 1.06Crescent Point Energy Corp. 0.97Thomson Reuters Corp. 0.89



99

Nature and extent of risks arising from financial instruments The ASTRA Canadian Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canadian Equity Index Fund, Class D. The ASTRA Canadian Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the Capped S&P/TSX Composite Index of the Canadian stock market.


2013






2012






ASTRA CANADIAN SMALL CAP EQUITY FUND


100


40,651 50,005


- -

Net Assets 40,651 50,005




(19,802) (445)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -

Increase (decrease) in net assets from operations 10,448 (268)




DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Management fee distribution received - -

1 1


1,248 1,398

Net investment income (loss) (1,247) (1,397)



Increase (decrease) in net assets from operations 10,448 (268)

Increase (decrease) in net assets from operations per unit 3.40 (0.06)Management Expense Ratio 3.08% 2.80%



101


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.68%) Fiera Capital Small Cap Section Fund 213,903 24,896 40,519



TOP HOLDINGS OF UNDERLYING FUND Fiera Capital Small Cap Section Fund %FirstService Corp. 3.63Secure Energy Services Inc. 3.53Badger Daylighting Ltd. 3.45Linamar Corp. 3.19Stella-Jones Inc. 3.17Surge Energy Inc. 3.14Canadian Energy Services & Technology Corp. 3.12Canadian Western Bank 2.88Stantec Inc. 2.88CCL Industries Inc., Class B NV 2.68Constellation Software Inc. 2.65RMP Energy Inc. 2.47Descartes Systems Group Inc. 2.37Aecon Group Inc. 2.36Element Financial Corp. 2.33DHX Media Ltd. 2.29Calfrac Well Services Ltd. 2.26Whitecap Resources Inc. 2.23B2Gold Corp. 2.12Argonaut Gold Inc. 2.07Bauer Performance Sports Ltd. 1.96International Forest Products Ltd. 1.94High Liner Foods Inc. 1.91Home Capital Group Inc. 1.86Total Energy Services Inc. 1.74



102

Nature and extent of risks arising from financial instruments The ASTRA Canadian Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fiera Capital Small Cap Section Fund. The ASTRA Canadian Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth.


2013






2012






ASTRA MFS U.S. EQUITY FUND


103


28,950 26,475


- -

Net Assets 28,950 26,475





- -





DISTRIBUTIONS



408 784

Expenses (note 4) Management fees 695 1,087 Administrative fees 24 43

719 1,130


Net realized gain (loss) on sale of investments 1,405 3,820

Net realized gain distributed by the underlying fund 1,452 -Net unrealized gain (loss) on investments 5,199 3,474





104


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.68%) MFS U.S. Equity Core Fund 2,098,727 20,666 28,567



TOP HOLDINGS OF UNDERLYING FUND MFS U.S. Equity Core Fund %JPMorgan Chase & Co. 3.11Google Inc., Class A 2.97Danaher Corp. 2.77Pfizer Inc. 2.28Visa Inc., Class A 2.18The Procter & Gamble Company 2.08The Walt Disney Co. 2.07Johnson & Johnson 2.05Exxon Mobil Corp. 2.00EMC Corp. 1.95American Express Co. 1.87Wells Fargo & Co. 1.87Apple Inc. 1.85United Technologies Corp. 1.80ACE Ltd. 1.78The Goldman Sachs Group Inc. 1.73Thermo Fisher Scientific Inc. 1.71Honeywell International Inc. 1.69Precision Castparts Corp. 1.68BlackRock Inc. 1.67MasterCard Inc. 1.64Covidien PLC 1.64Microchip Technology Inc. 1.63Hewlett-Packard Co. 1.60Oracle Corp. 1.43



105

Nature and extent of risks arising from financial instruments The ASTRA MFS U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called MFS U.S. Equity Core Fund. The ASTRA MFS U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS Investment Management Canada Limited. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth while also favouring undervalued securities.


2013






2012






ASTRA TRADEWINDS U.S. EQUITY FUND


106

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 21,563 11,752 Cash 1,330 1,262 Receivables 25 146

22,918 13,160


399 161

Net Assets 22,519 12,999



Transactional NAV at closing prices of investments 22,522 12,999 Adjustment to bid prices of investments (3) -



Adjustment per unit to bid prices of investments - -



CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 12,999 -



- -



Changes in number of units Units outstanding at the beginning 1,349,072 -Units issued 754,078 1,496,845 Units redeemed (351,305) (147,773)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 312 122

312 122


566 197


Net realized gain (loss) on sale of investments 1,861 82 Net unrealized gain (loss) on investments 3,327 25 Transaction costs (27) (20)






107

Number Average Fair


$ $

EQUITIES (95.75%)


Energy (3.36%)

Talisman Energy Inc. 61,093 721 756

Materials (2.93%)

Agrium Inc. 6,795 635 661


U.S. EQUITIES (82.13%)

Energy (11.50%)

Baker Hughes Inc. 2,518 111 148

Devon Energy Corp. 3,021 184 199

Royal Dutch Shell PLC, Class B 7,037 484 563

Superior Energy Services Inc. 15,818 427 448

Total SA 6,700 343 437

Transocean Ltd. 15,100 776 794

2,325 2,589

Industrials (7.56%)

Aegon NV 30,671 205 309

CSX Corp. 10,972 288 336

General Dynamics Corp. 2,256 153 229

Siemens AG 2,637 285 388

Triumph Group Inc. 5,437 418 440

1,349 1,702


Advance Auto Parts Inc. 1,957 151 230

General Motors Co. 19,941 544 867

Interpublic Group of Companies Inc. 36,173 518 681

Time Warner Cable Inc. 2,409 225 347

Time Warner Inc. 5,984 346 444

1,784 2,569


Bunge Ltd. 5,288 403 462

Dean Foods Co. 23,823 451 435

Ingredion Inc. 6,112 410 445

Molson Coors Brewing Co., Class B 5,198 244 310

Wal-Mart Stores Inc. 5,873 455 492

1,963 2,144

Health Care (6.90%)

Merck & Company Inc. 16,421 767 874

Mitsubishi Tanabe Pharma Corp. 14,319 212 212

Novartis AG 5,483 394 469

1,373 1,555

Financials (14.91%)

Ageas 7,389 268 336

American International Group Inc. 16,010 555 869

Axis Capital Holdings Ltd. 8,757 356 443

CNA Financial Corp. 5,290 176 241

Endurance Specialty Holdings Ltd. 3,535 152 221

Loews Corp. 10,834 463 556

Northern Trust Corp. 3,321 188 219

UBS AG 23,052 379 472

2,537 3,357

Number Average Fair


$ $

EQUITIES (95.75%) (Cont’d)

U.S. EQUITIES (82.13%) (Cont’d)


NII Holdings Inc., Class B 29,100 186 85


Cisco Systems Inc. 27,461 602 655

Corning Inc. 12,094 156 229

Ingram Micro Inc., Class A 16,897 367 421

Intel Corp. 17,184 400 474

Microsoft Corp. 17,134 561 682

Oracle Corp. 14,554 487 592

Tech Data Corp. 6,502 333 357

Western Digital Corp. 2,960 123 264

3,029 3,674

Utilities (3.64%)

Exelon Corp. 28,139 908 820

TOTAL U.S. EQUITIES 15,454 18,495

FOREIGN EQUITIES (7.33%)

Industrials (0.86%)

Vallourec 16,626 210 193


Carnival Corp. 10,812 410 462

Tata Motors Ltd. 6,672 188 219

598 681

Financials (3.45%)

ING Groep NV 7,615 65 113

KB Financial Group Inc. 10,341 347 445

MS&AD Insurance Group Holdings Inc. 15,376 181 219

593 777

TOTAL FOREIGN EQUITIES 1,401 1,651

TOTAL EQUITIES 18,211 21,563






108

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Tradewinds U.S. Equity Fund (the “Fund”) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of all-cap U.S. companies. The Fund may hold fund units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Tradewinds Global Investors, favours a bottom-up management approach and a predominantly value management style. Preference is given to high-quality companies that are traded below their intrinsic value. As at December 31, 2013 and 2012, the Fund’s assets are made up of U.S. equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian and U.S. dollar), as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates.

Price risk The Fund trades U.S. equity securities which must meet the requirements of the investment policy. No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Market capitalization of target companies must be greater than $1 billion at the time of purchase. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant.


(%)


($)


($)

S&P 500 Index + 5.00 - 5.00

1,078 (1,078)

588 (588)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in U.S. dollars. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.

Against Other Currencies

Change in Exchange

Rate (%)


($)


($)

Canadian Dollar + 5.00 - 5.00

(1,078) 1,078

(588) 588

The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.



109


2013






2012







ASTRA U.S. FUNDAMENTAL EQUITY FUND


110

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 26,076 14,056 Cash - 210Receivables 1,211 113

27,287 14,379

Liabilities Bank overdraft 670 -Accounts payable 350 155

1,020 155

Net Assets 26,267 14,224



Transactional NAV at closing prices of investments 26,290 14,126 Adjustment to bid prices of investments (23) 98



Adjustment per unit to bid prices of investments (0.02) 0.08






- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 307 195 Management fee distribution received 2 1

309 196


448 200







111


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.27%) iShares US Fundamental Index Fund 1,164,645 19,708 26,076



TOP HOLDINGS OF UNDERLYING FUND iShares US Fundamental Index Fund %Exxon Mobil Corp. 2.86Bank of America Corp. 2.33General Electric Company 1.97JPMorgan Chase & Co. 1.77Chevron Corp. 1.74AT&T Inc. 1.71Citigroup Inc. 1.57Wells Fargo & Co. 1.46ConocoPhillips 1.34Pfizer Inc. 1.29Verizon Communications Inc. 1.22Microsoft Corp. 1.12Johnson & Johnson 1.11Berkshire Hathaway Inc., Class B 1.09The Procter & Gamble Company 1.00Wal-Mart Stores Inc. 0.94Apple Inc. 0.89Intel Corp. 0.82Hewlett Packard Co. 0.81American International Group Inc. 0.77Merck & Company Inc. 0.75Ford Motor Co. 0.70IBM Corp. 0.68Phillips 66 0.62CVS Caremark Corp. 0.58



112

Nature and extent of risks arising from financial instruments The ASTRA U.S. Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called iShares US Fundamental Index Fund. The ASTRA U.S. Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI US 1,000 C$ Hedged Index, which comprises the largest 1,000 US-listed companies by fundamental value.


2013






2012






ASTRA U.S. INDEX FUND


113


25,299 14,634


- -

Net Assets 25,299 14,634





- -





DISTRIBUTIONS



406 246


585 325








114


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100%) BlackRock CDN US Equity Index Fund, Class D 2,085,835 18,241 25,299

OTHER NET ASSETS (0%) -


TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN US Equity Index Fund, Class D %Apple Inc. 3.00Exxon Mobil Corp. 2.62iShares Core S&P 500 ETF 1.90Google Inc., Class A 1.87Microsoft Corp. 1.69General Electric Company 1.68Johnson & Johnson 1.53Chevron Corp. 1.43The Procter & Gamble Company 1.31JPMorgan Chase & Co. 1.30Wells Fargo & Co. 1.29Berkshire Hathaway Inc., Class B 1.27Pfizer Inc. 1.18IBM Corp. 1.14AT&T Inc. 1.10Bank of America Corp. 0.99Citigroup Inc. 0.94Coca-Cola Co. 0.93Amazon.com Inc. 0.88Merck & Company Inc. 0.87Verizon Communications Inc. 0.83Philip Morris International Inc. 0.83Comcast Corp., Class A 0.80Oracle Corp. 0.80Intel Corp. 0.77



115

Nature and extent of risks arising from financial instruments The ASTRA U.S. Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN US Equity Index Fund, Class D. The ASTRA U.S. Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the S&P 500 Index (CAN $).


2013






2012






ASTRA INTERNATIONAL EQUITY FUND


116

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 131,714 136,294Cash 281 -Receivables - 648

131,995 136,942

Liabilities Bank overdraft - 424Accounts payable - -

- 424

Net Assets 131,995 136,518





- -





DISTRIBUTIONS



3,988 5,497


4,666 3,714

Net investment income (loss) (678) 1,783


Net realized gain distributed by the underlying fund 3,824 -Net unrealized gain (loss) on investments 22,540 7,348





117


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.79%) Hexavest Europac Fund 116,530 113,732 131,714



TOP HOLDINGS OF UNDERLYING FUND Hexavest Europac Fund %Roche Holding AG 2.05Novartis AG 1.88Nestlé SA 1.80Sanofi 1.70BP PLC 1.64Vodafone Group PLC 1.52HSBC Holdings PLC 1.44Total SA 1.37AstraZeneca PLC 1.29Toyota Motor Corp. 1.20GlaxoSmithKline PLC 1.13Bayer AG 1.11Novo Nordisk A/S, Class B 0.89BASF SE 0.87British American Tobacco PLC 0.86Rio Tinto PLC 0.83Barclays PLC 0.79Sumitomo Mitsui Financial Group Inc. 0.76Mitsubishi UFJ Financial Group Inc. 0.74KDDI Corp. 0.74Telefonica SA 0.74Royal Dutch Shell PLC, Class B 0.74Shire PLC 0.72Unilever NV 0.72Diageo PLC 0.69



118

Nature and extent of risks arising from financial instruments The ASTRA International Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest Europac Fund. The ASTRA International Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. Emphasis is placed on macroeconomic factors as well as a strategy based on fundamental research supported by quantitative models.


2013






2012






ASTRA CARNEGIE INTERNATIONAL EQUITY FUND


119


73,390 57,399


- -

Net Assets 73,390 57,399












- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 1,238 1,244

1,238 1,244


2,125 1,523


Net realized gain (loss) on sale of investments 3,822 1,178 Net unrealized gain (loss) on investments 8,192 7,486 Transaction costs (99) (106)






120

Number Average Fair


$ $


Industrials (18.20%)

ABB Ltd. 75,200 1,593 2,108

FANUC Corp. 10,700 1,692 2,079

Jardine Matheson Holdings Ltd. 14,400 953 801

Komatsu Ltd. 48,000 1,263 1,037

Makita Corp. 39,800 1,685 2,217

Schneider Electric SA 27,100 1,728 2,518

Wolseley PLC 43,017 1,761 2,597

10,675 13,357


ASOS PLC 12,000 970 1,293

Bayerische Motoren Werke AG 17,700 2,082 2,215

Bridgestone Corp. 70,100 1,946 2,817

Inditex SA 13,300 1,281 2,318

Rakuten Inc. 197,000 2,846 3,115

Toyota Industries Corp. 40,200 1,210 1,926

WPP PLC 95,000 1,928 2,309

12,263 15,993


British American Tobacco PLC 51,700 2,073 2,949

Diageo PLC 73,900 1,564 2,604

Japan Tobacco Inc. 60,300 1,417 2,079

Nestlé SA 27,200 1,521 2,120

6,575 9,752

Health Care (10.12%)

Novartis AG 23,800 1,764 2,023

Novo Nordisk A/S, Class B 12,050 1,492 2,351

Roche Holding AG 10,250 1,930 3,050

5,186 7,424

Financials (19.61%)

Danske Bank A/S 67,400 1,322 1,645

HDFC Bank Ltd. 118,400 3,585 4,335

HSBC Holdings PLC 195,000 1,863 2,277

Prudential PLC 139,200 1,954 3,285

UBS AG 141,300 2,265 2,854

10,989 14,396


Samsung Electronics Co. Ltd. 4,550 1,975 3,153

SAP AG 34,200 2,217 3,134

Sony Corp. 86,000 1,761 1,586

Tencent Holdings Ltd. 31,400 868 2,132

6,821 10,005



OTHER NET ASSETS (3.36%) 2,463




121

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Carnegie International Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities of large-cap international companies located outside of North America. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Carnegie Asset Management, favours a bottom-up management approach based on securities selection and long-term investment. The Fund has a blended value/growth management style. Preference is given to companies with strong pricing power that take advantage of evolving global economic trends. As at December 31, 2013 and 2012, the Fund’s assets are made up of international equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates.

Price risk The Fund trades international equity securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 80% and 100% in international equities and up to a maximum of 20% in money market securities. The Fund’s assets must be invested in at least five sectors within the MSCI EAFE Index. No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Capitalization of target companies must be greater than $1 billion without falling below the company with the smallest capitalization in the MSCI EAFE Index. Exposure to emerging economies is limited to 30% of the Fund’s assets. The percentage of securities from a single issuer is limited to 10% of the Fund’s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant.


(%)


($)


($)

MSCI EAFE Index + 5.00 - 5.00

3,546 (3,546)

2,799 (2,799)

The results of the sensitivity analysis conducted with respect to other price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.

Currency 2013

($) 2012

($) Danish Krone 3,997 1,875 Euro 10,185 10,791 Hong Kong Dollar 2,132 2,422 Japanese Yen 16,856 6,757 Malaysian Ringgit - 819 Pound Sterling 17,314 17,542 Swedish Krona - 943 Swiss Franc 12,155 7,753 U.S. Dollar 8,288 7,069 Total 70,927 55,971



122

Currency risk (Cont’d) The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.


Change in Exchange Rate

(%)


($)


($)


(3,546) 3,546

(2,799) 2,799

The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.


2013






2012






ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND


123


18,160 13,420


260 -

Net Assets 17,900 13,420



Transactional NAV at closing prices of investments 17,922 13,409 Adjustment to bid prices of investments (22) 11



Adjustment per unit to bid prices of investments (0.01) 0.01






- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 333 274

333 274


372 197







124


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.91%) iShares International Fundamental Index Fund 1,081,601 13,968 18,063



TOP HOLDINGS OF UNDERLYING FUND iShares International Fundamental Index Fund %Toyota Motor Corp. 0.91Nestlé SA 0.81Total SA 0.71Mitsubishi UFJ Financial Group Inc. 0.71Novartis AG 0.69Banco Santander SA 0.62BP PLC 0.62Vodafone Group PLC 0.59Roche Holding AG 0.55Honda Motor Co. Ltd. 0.51Telefonica SA 0.51BHP Billiton Ltd. 0.49Tokyo Electric Power Co. Inc. 0.48Sumitomo Mitsui Financial Group Inc. 0.47Commonwealth Bank of Australia 0.45HSBC Holdings PLC 0.45National Australia Bank Ltd. 0.44Royal Dutch Shell PLC, Class A 0.43Samsung Electronics Co. Ltd. 0.43Royal Bank of Canada 0.42Hitachi Ltd. 0.42Westpac Banking Corp. 0.40Deutsche Telekom AG 0.40Allianz SE 0.39Panasonic Corp. 0.39



125

Nature and extent of risks arising from financial instruments The ASTRA International Fundamental Equity Fund is a segregated fund that invests exclusively the Exchange Traded Fund called iShares International Fundamental Index Fund. The ASTRA International Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Developed ex US 1,000 Index, which comprises the top 1,000 non US-listed companies with the largest fundamental value.


2013






2012






ASTRA INTERNATIONAL INDEX FUND


126


33,629 34,730

Liabilities Bank overdraft 118 -Accounts payable 215 -

333 -

Net Assets 33,296 34,730





- -





DISTRIBUTIONS



942 977


945 890


Net realized gain (loss) on sale of investments 690 (376)






127


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (101.00%) BlackRock CDN MSCI EAFE Equity Index Fund, Class D 2,531,054 27,363 33,629



TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN MSCI EAFE Equity Index Fund, Class D %Nestlé SA 1.76HSBC Holdings PLC 1.52Roche Holding AG 1.46Vodafone Group PLC 1.41Novartis AG 1.37Toyota Motor Corp. 1.25iShares MSCI EAFE ETF 1.18BP PLC 1.13Royal Dutch Shell PLC, Class A 1.02Total SA 0.98GlaxoSmithKline PLC 0.97Sanofi 0.94Bayer AG 0.86Commonwealth Bank of Australia 0.83BHP Billiton Ltd. 0.81Siemens AG 0.81British American Tobacco PLC 0.76Banco Santander SA 0.76BASF SE 0.73Royal Dutch Shell PLC, Class B 0.70Westpac Banking Corp. 0.67Anheuser-Busch InBev NV 0.64Mitsubishi UFJ Financial Group Inc. 0.62SoftBank Corp. 0.62Daimler AG 0.62



128

Nature and extent of risks arising from financial instruments The ASTRA International Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN MSCI EAFE Equity Index Fund, Class D. The ASTRA International Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the stock market MSCI EAFE Index (CAN $).


2013






2012






ASTRA CALAMOS GLOBAL EQUITY FUND


129


23,570 19,847


29 -

Net Assets 23,541 19,847












- -



Changes in number of units Units outstanding at the beginning 2,085,971 1,399,885 Units issued 848,295 1,069,504 Units redeemed (800,032) (383,418)


DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 144 140 Dividends 323 174

467 314


756 555


Net realized gain (loss) on sale of investments 838 (540)Net unrealized gain (loss) on investments 2,651 1,013Transaction costs (14) (19)






130

C: convertible security.

Par Average Fair

Value Cost Value

$ $

FOREIGN BONDS (39.41%)

Corporations (39.41%)

AB Industrivarden, 1.88%, 02-27-2017 C 250 362 392

AB Industrivarden, 2.50%, 02-27-2015 C 50 83 93Advanced Semiconductor Engineering Inc., 0.00%, 09-05-2018 C 200 236 226

Asahi Group Holdings Ltd., 0.00%, 05-26-2028 C 30,000 418 439

Azimut Holding SpA, 2.13%, 11-25-2020 C 100 143 147

BioMarin Pharmaceutical Inc., 0.75%, 10-15-2018 C 62 67 70

BioMarin Pharmaceutical Inc., 1.50%, 10-15-2020 C 43 46 49

Buzzi Unicem, 1.38%, 07-17-2019 C 100 137 159

Cemex, 4.88%, 03-15-2015 C 100 124 126

CGGVeritas, 1.75%, 01-01-2016 C 71 100 103

Concur Technologies Inc., 0.50%, 06-15-2018 C 50 52 61

Ctrip.com International Ltd., 1.25%, 10-15-2018 C 215 231 228

Cubist Pharmaceuticals Inc., 1.13%, 09-01-2018 C 165 192 199

Cubist Pharmaceuticals Inc., 1.88%, 09-01-2020 C 32 35 38

Electronic Arts Inc., 0.75%, 07-15-2016 C 100 108 114

Elekta AB, 2.75%, 04-25-2017 C 1,590 294 337

Finisar Corp., 0.50%, 12-15-2033 C 54 57 60

Gilead Sciences Inc., 1.63%, 05-01-2016 C 65 77 228

Glencore Finance (Europe), 5.00%, 12-31-2014 C 200 246 240

Iconix Brand Group Inc., 2.50%, 06-01-2016 C 50 65 74

Illumina Inc., 0.25%, 03-15-2016 C 200 223 291International Consolidated Airlines Group SA, 1.75%, 05-31-2018 C 100 148 193

International Game Technology, 3.25%, 05-01-2014 C 95 111 108

InvenSense Inc., 1.75%, 11-01-2018 C 12 14 15

JDS Uniphase Corp., 0.63%, 08-15-2033 C 90 100 95

Liberty Interactive LLC, 0.75%, 03-30-2043 C 105 107 137

Limited Brands Inc., 5.63%, 02-15-2022 35 35 38

Linear Technology Corp., 3.00%, 05-01-2027 C 70 75 85

Marine Harvest ASA, 2.38%, 05-08-2018 C 300 417 490

Medidata Solutions Inc., 1.00%, 08-01-2018 C 70 75 95

MGM Resorts International, 4.25%, 04-15-2015 C 105 128 152

Molina Healthcare Inc., 1.13%, 01-15-2020 C 95 113 104

NetSuite Inc., 0.25%, 06-01-2018 C 100 104 115

Nuance Communications Inc., 2.75%, 11-01-2031 C 29 31 30

Pegatron Corp., 0.00%, 02-06-2017 C 200 224 238Portfolio Recovery Associates Inc., 3.00%, 01-08-2020 C 54 56 62

priceline.com Inc., 1.00%, 03-15-2018 C 220 226 329

Qiagen Euro Finance SA, 3.25%, 05-16-2026 C 100 123 135

Salesforce.com Inc., 0.25%, 04-01-2018 C 200 205 230

SanDisk Corp., 0.50%, 10-15-2020 C 420 447 441

SEACOR Holdings Inc., 2.50%, 12-15-2027 C 95 112 123

ServiceNow Inc., 0.00%, 11-01-2018 C 145 154 155

Shutterfly Inc., 0.25%, 05-15-2018 C 105 112 120

Siemens Finance, 1.05%, 08-16-2017 C 250 260 308

SINA Corp., 1.00%, 12-01-2018 C 132 138 138

SK Hynix Inc., 2.65%, 05-14-2015 C 300 345 393

Technip SA, 0.25%, 01-01-2017 C 188 268 280

Technip SA, 0.50%, 01-01-2016 C 43 68 58

Temasek Financial III Pte Ltd., 0.00%, 10-24-2014 C 500 420 422

United Technologies Corp., 7.50%, 08-01-2015 2 117 112

WellPoint Inc., 2.75%, 10-15-2042 C 95 118 137

Workday Inc., 0.75%, 07-15-2018 C 70 71 88

Workday Inc., 1.50%, 07-15-2020 C 30 31 39

Yandex, 1.13%, 12-15-2018 C 120 128 139

TOTAL FOREIGN BONDS 8,377 9,278

Number Average Fair


$ $

EQUITIES (54.23%)

COMMON SHARES (50.76%)


Financials (0.45%)

Fairfax Financial Holdings Ltd. 250 106 106

TOTAL CANADIAN EQUITIES 106 106

U.S. EQUITIES (24.57%)

Energy (3.83%)

Anadarko Petroleum Corp. 1,400 131 118

EOG Resources Inc. 1,500 196 268

Schlumberger Ltd. 5,375 418 515

745 901

Industrials (0.31%)

Dover Corp. 700 56 72


Eaton Corp. PLC 2,340 134 189


Coca-Cola Co. 12,200 444 536

Lorillard Inc. 3,500 158 189

602 725

Health Care (1.75%)

Johnson & Johnson 4,220 284 411

Financials (6.38%)

Citigroup Inc. 4,000 212 222

Franklin Resources Inc. 3,805 150 233

JPMorgan Chase & Co. 5,600 289 348

MetLife Inc. 3,500 144 117

T. Rowe Price Group Inc. 2,700 177 240

Wells Fargo & Co. 7,100 324 343

1,296 1,503


SK Telecom Co. Ltd. 9,300 228 243


Apple Inc. 1,780 897 1,062

eBay Inc. 7,600 309 444

QUALCOMM Inc. 2,950 168 233

1,374 1,739

TOTAL U.S. EQUITIES 4,719 5,783


Industrials (3.71%)

ABB Ltd. 10,600 210 297

Compagnie Financière Richemont SA 1,700 166 180

Hutchison Whampoa Ltd. 9,000 111 130

Toyota Motor Corp. 4,100 275 266

762 873




131

C: convertible security.

Number Average Fair


$ $

EQUITIES (54.23%) (Cont'd)

COMMON SHARES (50.76%) (Cont’d)

FOREIGN EQUITIES (25.74%) (Cont'd)


The Swatch Group AG (BR) 740 308 521

WPP PLC 10,050 192 244

500 765

Health Care (4.08%)

Novo Nordisk A/S, Class B 4,110 510 802

Sawai Pharmaceutical Co. Ltd. 2,300 177 158

687 960

Financials (3.52%)

AIA Group Ltd. 46,400 222 247

DBS Group Holdings Ltd. 15,500 209 223

HSBC Holdings PLC 22,000 251 257

Standard Chartered PLC 4,200 109 101

791 828


SoftBank Corp. 2,300 181 214


Accenture PLC, Class A 4,350 308 380

Dialog Semiconductor PLC 2,668 59 61

Koninklijke Philips NV 9,700 312 379

Mediatek Inc. 9,000 134 142

SAP AG 4,210 259 386

Taiwan Semiconductor Manufacturing Co. Ltd. 105,000 292 393

Telefonaktiebolaget LM Ericsson, Class B 15,110 198 196

Tencent Holdings Ltd. 7,100 355 482

1,917 2,419


TOTAL COMMON SHARES 9,663 11,948

PREFERRED SHARES (3.47%)

U.S. SHARES (3.22%)

Chesapeake Energy Corp., 5.75%, perpetual C 193 181 240

Chesapeake Energy Corp., 5.75%, perpetual C 274 299 336

NextEra Energy Inc., 5.60%, 06-01-2015 C 3,000 152 183

TOTAL U.S. SHARES 632 759

FOREIGN SHARES (0.25%)

Genesee & Wyoming Inc., 5.00%, 10-01-2015 C 425 54 58

TOTAL PREFERRED SHARES 686 817

TOTAL EQUITIES 10,349 12,765


OTHER NET ASSETS (6.36%) 1,498




132

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Calamos Global Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities and convertible bonds of large-cap global companies located outside of Canada. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Calamos Investments, favours a top-down analysis by putting emphasis on investments themes that will support growth for decades to come. A fundamental analysis of companies is carried out in industries where interesting themes have been identified. Securities are selected by analyzing both alternatives: investing in convertible securities or equity. Sector deviations are the result of the bottom-up approach to security selection. As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of international equities and convertible bonds of global companies. Risk exposure The Fund is exposed mainly to credit risk, market risk including interest rate risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk and risks associated with the use of derivatives. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk The Fund’s main credit concentration risk arises from fixed income securities. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows:

Credit Rating* 2013 (%)

2012 (%)

Governments, municipals and subsidized - 20.67 Companies rated AAA - 2.86 Companies rated AA - - Companies rated A 12.48 15.31 Companies rated BBB 12.14 19.84 Companies rated BB 10.78 6.03 Companies rated B 1.64 - Not rated 62.96 35.29

* Source: Standard & Poor’s

Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Fixed income securities held by the Fund are traded on an active market. The Fund’s securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk The following table indicates the Fund’s interest rate risk exposure, as at December 31, by presenting the assets and liabilities at fair value by contract maturity dates.

Investments Under 1 year

($) 1 to 5 years

($)

Over 5 years

($) 2013 769 6,189 2,320 2012 1,621 5,866 1,603

The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant.

Change in Prevailing Interest Rate

(%)


($)


($) + 1.00 - 1.00

(229) 229

(225) 225

The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Price risk The Fund trades international equity and fixed income securities which must meet the requirements of the investment policy. The Fund’s assets must be invested in at least five countries in the MSCI World Index. The maximum amount invested in a single sector will generally be limited to either 40% or 2x the weight of the sector in the index, whichever is higher. The following table presents the impact on the Fund’s net assets, as at December 31, of a potential change in the benchmark, with all other variables held constant.


(%)


($)


($)

MSCI World Index + 5.00 - 5.00

1,102 (1,102)

934 (934)

The results of the sensitivity analysis conducted with respect to other price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.



133

Currency risk The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.

Currency 2013

($) 2012

($) Australian Dollar - 373 Brazilian Real - 151 Chinese Yuan Renminbi - 316 Danish Krone 802 911 Euro 2,740 1,737 Hong Kong Dollar 860 - Japanese Yen 1,076 831 New Taïwan Dollar 535 639 New Zealand Dollar - 211 Norwegian Krone - 403 Pound Sterling 602 534 Singapore Dollar 645 833 South Korean Won - 114 Swedish Krona 533 436 Swiss Franc 998 1,464 U.S. Dollar 13,146 9,150 Total 21,937 18,103

The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.


Change in Exchange

Rate (%)


($)


($)


(1,097) 1,097

(905) 905

The results of the sensitivity analysis conducted with respect to the currency risk represent the Management’s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.


2013

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 9,278 - 9,278 Equities 12,765 - - 12,765





2012

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 9,090 - 9,090 Equities 9,585 - - 9,585




Money Market - - - -Total 9,585 9,090 - 18,675 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

ASTRA LAZARD GLOBAL EQUITY FUND


134

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 53,363 50,532 Cash 1,481 96 Receivables - -

54,844 50,628

Liabilities Bank overdraft - -Accounts payable 1,000 -

1,000 -

Net Assets 53,844 50,628





- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,128 1,007 Management fee distribution received - -

1,128 1,007


1,935 1,322








135


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.11%) Lazard Global Thematic (Canada) Fund 3,776,217 42,546 53,363



TOP HOLDINGS OF UNDERLYING FUND Lazard Global Thematic (Canada) Fund %Prudential PLC 2.06Oracle Corp. 1.70Visa Inc., Class A 1.57CVS Caremark Corp. 1.55China Overseas Land & Investment Ltd. 1.48Viacom Inc., catégorie B 1.48Google Inc., Class A 1.48Monsanto Co. 1.45IBM Corp. 1.45EMC Corp. 1.43Hong Kong Exchanges & Clearing Ltd. 1.41Comcast Corp., Class A 1.39Microsoft Corp. 1.38Sumitomo Mitsui Financial Group Inc. 1.37Hong Kong & China Gas Co. Ltd. 1.35Amgen Inc. 1.33Amazon.com Inc. 1.33Roche Holding AG 1.32Exxon Mobil Corp. 1.31McKesson Corp. 1.31Mitsui Fudosan Co. Ltd. 1.31ABB Ltd. 1.29AIA Group Ltd. 1.29Sumitomo Realty & Development Co. Ltd. 1.23Actelion Ltd. 1.21



136

Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Thematic (Canada) Fund. The ASTRA Lazard Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours an approach based on investment themes. Securities are selected from within the investment themes based on growth at a reasonable price management style.


2013






2012






ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND


137

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 26,427 21,740 Cash 174 409 Receivables - -

26,601 22,149


- -

Net Assets 26,601 22,149




(439) (320)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -





DISTRIBUTIONS



864 694


855 696

Net investment income (loss) 9 (2)







138


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.35%) Hexavest World Fund, Class B 20,365 24,230 26,427



TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund, Class B %Exxon Mobil Corp. 2.63Microsoft Corp. 1.79Apple Inc. 1.61Chevron Corp. 1.56Pfizer Inc. 1.48Wal-Mart Stores Inc. 1.41The Procter & Gamble Co. 1.38Johnson & Johnson 1.28Merck & Company Inc. 1.21AT&T Inc. 1.19Wells Fargo & Co. 1.16General Motors Co. 1.13Eli Lilly & Co. 1.11Oracle Corp. 1.11Ford Motor Co. 1.08FedEx Corp. 1.04JPMorgan Chase & Co. 0.95Roche Holding AG 0.89Novartis AG 0.82Marathon Petroleum Corp. 0.80PepsiCo Inc. 0.80Intel Corp. 0.80Lockheed Martin Corp. 0.79Nestlé SA 0.78Sanofi 0.74



139

Nature and extent of risks arising from financial instruments The ASTRA Hexavest Hedged Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest World Fund, Class B. The ASTRA Hexavest Hedged Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up analysis of the companies and a predominantly value management style. Emphasis is placed on analysis of macro-economic factors combined with a strategy based on quantitative models supporting fundamental research.


2013






2012






ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND


140


40,164 27,538


- 197

Net Assets 40,164 27,341





- -





DISTRIBUTIONS



465 238


1,131 660








141


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.08%) Lazard Global Small Cap Equity (Canada) Fund 2,182,497 31,611 39,796



TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund %Azimut Holding SpA 2.52Jafco Co. Ltd. 2.21Intrum Justitia AB 1.95IG Group Holdings PLC 1.89NetScout Systems Inc. 1.82Wirecard AG 1.71Ingenico 1.68Aalberts Industries NV 1.68Norma Group SE 1.67FLIR Systems Inc. 1.56Bauer Performance Sports Ltd. 1.56Topcon Corp. 1.55Valeo SA 1.53ON Semiconductor Corp. 1.53Blackhawk Network Holdings Inc. 1.52The Toro Co. 1.46SS&C Technologies Holdings Inc. 1.45Frank's International NV 1.45Encore Capital Group Inc. 1.42PacWest BanCorp 1.42Bally Technologies Inc. 1.42Waddell & Reed Financial Inc., Class A 1.42Ain Pharmaciez Inc. 1.42Dignity PLC 1.41Synaptics Inc. 1.40



142

Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Small Cap Equity (Canada) Fund. The ASTRA Lazard Global Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly core style management approach with a value bias. The manager uses a quantitative management approach for its first selection of titles followed by a fundamental approach with a strong bias toward good quality, well-managed companies.


2013






2012






ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND


143

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 68,793 70,322Cash - 167Receivables 1,085 1

69,878 70,490

Liabilities Bank overdraft 980 -Accounts payable - -

980 -

Net Assets 68,898 70,490





- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 -Distribution from the underlying fund - 1,764 Management fee distribution received 30 72

31 1,836


2,192 1,519

Net investment income (loss) (2,161) 317

Net realized gain (loss) on sale of investments 480 (1,151)

Net realized gain distributed by the underlying fund - 69 Net unrealized gain (loss) on investments (849) 5,275Transaction costs (81) (109)





144


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.85%) BlackRock Emerging Markets Fundamental Index Fund 3,601,078 67,203 68,793



TOP HOLDINGS OF UNDERLYING FUND BlackRock Emerging Markets Fundamental Index Fund %Gazprom OAO 4.79Oil Lukoil 2.84Petróleo Brasileiro SA-Pr 2.56Petróleo Brasileiro SA 2.47China Construction Bank Corp. 2.44China Mobile Ltd. 2.18Industrial & Commercial Bank of China Ltd. 2.11Taiwan Semiconductor Manufacturing Co. Ltd. 2.03Bank of China Ltd. 1.82Hon Hai Precision Industry Co. Ltd. 1.76America Movil SAB de CV 1.66Vale SA-Pr 1.47Itau Unibanco Holding SA 1.43China Petroleum & Chemical Corp. 1.33Sasol Ltd. 1.27MTN Group Ltd. 1.21PetroChina Co. Ltd. 1.13Cemex SAB de CV 1.11Vale SA 1.08CNOOC Ltd. 1.08Sberbank of Russia 0.97Reliance Industries Ltd. 0.94Banco Bradesco SA 0.93China Life Insurance Co. Ltd. 0.67Standard Bank Group Ltd. 0.66



145

Nature and extent of risks arising from financial instruments The ASTRA Emerging Markets Fundamental Equity Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Emerging Markets Fundamental Index Fund. The ASTRA Emerging Markets Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management. The manager's investment strategy is to favours companies with the most attractive fundamental data.


2013






2012





Money Market - - - -Total - 70,322 - 70,322 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND


146

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 51,507 38,724 Cash 466 168 Receivables 1 -

51,974 38,892


- -

Net Assets 51,974 38,892





- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,573 1,368 Management fee distribution received - -

1,573 1,368


1,513 957








147


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.10%) Lazard Global Listed Infrastructure (Canada) Fund 3,915,719 41,600 51,507



TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund %Atlantia SpA 8.55Fraport AG 8.35Aéroports de Paris 4.78Vinci SA 4.74Tokyo Gas Co. Ltd. 4.53DUET Group 4.43Osaka Gas Co. Ltd. 4.41Flughafen Zuerich AG 4.25CSX Corp. 4.10SES SA 4.09Norfolk Southern Corp. 4.08Societa Iniziative Autostradali e Servizi SpA 3.99Transurban Group 3.49PG&E Corp. 3.42Pennon Group PLC 3.33ASTM SpA 3.32Terna Rete Elettrica Nazionale SpA 3.14Toho Gas Co. Ltd. 2.86Hera SpA 2.83Spark Infrastructure Group 2.64Macquarie Atlas Roads Group 2.40Flughafen Wien AG 2.19California Water Service Group 2.05Snam SpA 1.54Red Electrica Corporacion SA 1.52



148

Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Infrastructure Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Listed Infrastructure (Canada) Fund. The ASTRA Lazard Global Infrastructure Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. Preference is given to oligopolistic infrastructures companies that provide high and stable returns and own long-term infrastructures.


2013






2012






ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND


149

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 4,406 23,085Cash 46 117Receivables - -

4,452 23,202


- -

Net Assets 4,452 23,202





- -




Units outstanding at the end 601,762 3,039,625

DISTRIBUTIONS



570 824


529 712



Net realized gain distributed by the underlying fund 271 -Net unrealized gain (loss) on investments (1,658) 3,319





150


As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.97%) Presima Global Real Estate Securities Enhanced Yield Fund 4,303 4,295 4,406



TOP HOLDINGS OF UNDERLYING FUND Presima Global Real Estate Securities Enhanced Yield Fund %Simon Property Group Inc. 3.19EPR Properties 2.85BioMed Realty Trust Inc. 2.57H&R REIT 2.50Link REIT 2.48Alexandria Real Estate Equities Inc. 2.42Cominar REIT 2.41Mercialys SA 2.40Equity Residential 2.40Mapletree Industrial Trust 2.36Suntec REIT 2.27Westfield Retail Trust 2.27DDR Corp. 2.25RioCan Real Estate Investment Trust 2.21Mid-America Apartment Communities Inc. 2.16Ascott Residence Trust 2.14Healthcare Trust of America Inc., Class A 2.09Dundee International REIT, Class A 2.07Corporate Office Properties Trust 2.01Boardwalk REIT 1.92Washington REIT 1.87Mapletree Logistics Trust 1.82GPT Group 1.78Camden Property Trust 1.77Wereldhave NV 1.76



151

Nature and extent of risks arising from financial instruments The ASTRA Presima Global Real Estate Enhanced Yield Fund is a segregated fund that invests exclusively in the underlying fund called Presima Global Real Estate Securities Enhanced Yield Fund. The ASTRA Presima Global Real Estate Enhanced Yield Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Presima. The manager's investment strategy favours a combined bottom-up and top-down management approach coupled with healthy geographic and sector diversification. The manager analyzes real estate cycles, macro-economics and companies.


2013






2012






ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND


152


61,708 41,365


- -

Net Assets 61,708 41,365





- -





DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - (3)Distribution from the underlying fund 710 797 Management fee distribution received - -

710 794


1,331 755








153


As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.34%) MS Real Estate Securities Global Best Ideas Fund 33.13 13,134,996 15,988 20,442 MSIF Global Real Estate Portfolio 66.21 3,876,297 37,450 40,857





MSIF Global Real Estate Portfolio %Simon Property Group Inc. 6.19Equity Residential 4.35Mitsubishi Estate Co. Ltd. 4.32Mitsui Fudosan Co. Ltd. 3.88Sun Hung Kai Properties Ltd. 3.82Sumitomo Realty & Development Co. Ltd. 3.21Host Hotels & Resorts Inc. 3.07Vornado Realty Trust 3.00AvalonBay Communities Inc. 2.72Public Storage 2.29Unibail-Rodamco SE 2.14Westfield Group 2.09General Growth Properties Inc. 1.83Regency Centers Corp. 1.72HCP Inc. 1.71Boston Properties Inc. 1.68Hongkong Land Holdings Ltd. 1.63The Macerich Co. 1.56The Link 1.51Starwood Hotels & Resorts Worldwide Inc. 1.48Land Securities Group PLC 1.31Wharf Holdings Ltd. 1.29British Land Co. PLC 1.23ProLogis Inc. 1.18Ventas Inc. 1.08



154

Nature and extent of risks arising from financial instruments The ASTRA Morgan Stanley Global Real Estate Fund is a segregated fund that invests exclusively in the underlying funds called MS Real Estate Securities Global Best Ideas Fund and MSIF Global Real Estate Portfolio. The ASTRA Morgan Stanley Global Real Estate Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Morgan Stanley Investment Management. The manager's investment strategy favours a combined bottom-up and top-down management approach. Regional allocation is achieved by concentrating on the main regional criteria, including relative valuation, fundamentals of real estate, demographics and macro-economics. The manager then selects securities by using a fundamental analysis, putting an emphasis on the value of underlying assets.


2013






2012





Money Market - - - -Total 27,554 13,204 - 40,758 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND


155

NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 139,355 126,946Positive fair value of derivative products 1,463 1,061Cash 3,103 3,036 Receivables - 4

143,921 131,047

Liabilities Bank overdraft - -Negative fair value of derivative products 2,536 2,777Accounts payable 234 155

2,770 2,932

Net Assets 141,151 128,115

Net asset value per unit Class A 8.18 8.70Class C 9.79 10.06Class D 9.74 10.02Class E - 10.03Class F 8.10 8.36


OPERATIONS Years ended December 31 2013 2012 $ $ Income (loss) Interest 1,292 1,006 Derivative products (5,290) (4,956)

(3,998) (3,950)


1,203 902

Net investment income (loss) (5,201) (4,852)

Net realized gain (loss) on sale of investments 228 (112)Net unrealized gain (loss) on investments 643 724Transaction costs (63) (84)

Increase (decrease) in net assets from operations (4,393) (4,324)

Increase (decrease) in net assets from operations per unit Class A (0.51) (0.57)Class C (0.24) (0.32)Class D (0.28) (0.34)Class E - (0.32)Class F (0.22) (0.38)




- -

Increase (decrease) in net assets from operations (4,393) (4,324)


DISTRIBUTIONS

($/unit) 2013 2012Class A Net investment income - -Net realized gain on sale of investments - -

Class C Net investment income - -Net realized gain on sale of investments - -

Class D Net investment income - -Net realized gain on sale of investments - -

Class E Net investment income - -Net realized gain on sale of investments - -

Class F Net investment income - -Net realized gain on sale of investments - -



156


2013 2012Class A Units outstanding at the beginning 2,327,136 1,868,160 Units issued 904,465 611,056 Units redeemed (171,802) (152,080)Units outstanding at the end 3,059,799 2,327,136 Class D Units outstanding at the beginning 4,566,599 3,366,941 Units issued 2,344,268 1,290,533 Units redeemed (98,578) (90,875)Units outstanding at the end 6,812,289 4,566,599 Class F Units outstanding at the beginning 1,200,640 589,299 Units issued 4,853 614,224 Units redeemed (4,863) (2,883)Units outstanding at the end 1,200,630 1,200,640


2013 2012Class C Units outstanding at the beginning 3,663,262 2,975,402 Units issued 1,344,275 1,018,411 Units redeemed (918,866) (330,551)Units outstanding at the end 4,088,671 3,663,262 Class E Units outstanding at the beginning 1,511,667 1,359,844 Units issued 474,163 222,715 Units redeemed (1,985,830) (70,892)Units outstanding at the end - 1,511,667

MANAGEMENT EXPENSE RATIO

2013 2012Class A 3.67% 3.36% Class C 0.17% 0.14% Class D 0.36% 0.31% Class E - 0.31% Class F 0.59% 0.61%

Reconciliation on Net Assets with Transactional NAV

Transactional NAV at closing

price of investments

Adjustment tobid price of

investments

Net assets atbid price of

investments

TransactionalNAV per unit atclosing price of

investments

Adjustment per unit to bid

price of investments

Net assetsper unit at bid

price ofinvestments

Class A 25,181 (149) 25,032 8.23 (0.05) 8.18Class C 40,272 (239) 40,033 9.85 (0.06) 9.79Class D 66,755 (396) 66,359 9.80 (0.06) 9.74Class E - - - - - -Class F 9,785 (58) 9,727 8.15 (0.05) 8.10


FINANCIAL STATEMENTS (in thousands, except number of contracts)


157

Par Average FairValue Cost Value

$ $MONEY MARKET (98.73%) Government of Canada, Treasury Bill, 0.88%, 01-16-2014 139,405 139,355 139,355


FAIR VALUE OF DERIVATIVES (-0.76%) (1,073)OTHER NET ASSETS (2.03%) 2,869


As December 31, 2013, $27,864 in money market securities were deposited in warranty.

Futures contracts

Contract Value Contract Name Expiration

Number of Contracts Currency

CurrentValue

Gain (Loss) Unrealized

$ $ $ 857 Live cattle February 2014 15 US 859 2

3,789 RBOB gas February 2014 31 US 3,849 60 1,801 Natural gas February 2014 40 US 1,800 (1) 7,203 Heating oil February 2014 53 US 7,251 48 8,832 Gold, 100 oz troy February 2014 65 US 8,326 (506)

937 Crude oil February 2014 9 US 943 6 154 Lean hogs February 2014 4 US 146 (8)

6,238 Aluminum March 2014 126 US 5,941 (297) 1,573 Silver March 2014 14 US 1,441 (132)

141 Wheat March 2014 4 US 129 (12) 6,798 Cocoa March 2014 243 US 7,002 204 7,161 Coffee "C" March 2014 168 US 7,418 257 6,977 Cotton no 2 March 2014 167 US 7,517 540

173 Copper March 2014 2 US 180 7 977 Soybeans March 2014 14 US 960 (17)

1,400 Orange juice March 2014 63 US 1,399 (1) 6,792 Corn March 2014 275 US 6,168 (624)

715 Sugar no 11 March 2014 34 US 665 (50) 6,975 Natural gas April 2014 159 US 6,934 (41) 2,650 Aluminum May 2014 54 US 2,620 (30) 8,539 Copper May 2014 99 US 8,687 148 2,208 Corn May 2014 92 US 2,099 (109) 1,429 Nickel May 2014 16 US 1,423 (6) 7,408 Sugar no 11 May 2014 361 US 7,121 (287) 8,177 Live cattle June 2014 151 US 8,318 141 9,722 Crude oil June 2014 95 US 9,650 (72) 1,468 Wheat July 2014 41 US 1,336 (132) 3,812 RBOB gas July 2014 30 US 3,725 (87) 8,056 Soybeans July 2014 121 US 8,106 50 1,308 Lean hogs October 2014 37 US 1,302 (6)

21,767 Crude oil December 2014 221 US 21,649 (118)

146,037 Total of futures contracts 144,964 (1,073)



158

Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA CoreCommodity Management Commodity Fund (the “Fund”) is to generate capital growth while offering a hedge against inflation. Investment strategy The Fund invests mainly in commodity futures contracts and forward contracts traded on the LME (London Metals Exchange), and may also invest in non-Canadian currency futures and options contracts. The cash portion is invested mainly in Canadian money market securities issued by governments and companies. The fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, CoreCommodity Management, favours different strategies to surpass the performance of the Thomson Reuters/ CoreCommodity CRB Index. Fund assets are invested in some 20 commodities grouped into five main sectors: energy, precious metals, base/industrial metals, agriculture and livestock. As at December, 2013 and 2012, the Fund’s assets are made up of money market securities and derivatives. Risk exposure The Fund is exposed to market risk, interest rate risk, currency risk (Canadian and U.S. dollar) and risks associated with the use of derivatives. It does not use financial leverage or derivative products (other than futures contracts, forward contracts and options described above) for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013, the Fund holds money market securities and derivatives. Consequently, it is exposed to credit risk. The money market securities have R-1 High credit rating according to DBRS credit rating agency. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level. As at December 31, 2013 and 2012, the Fund has no securities loans. Interest risk rate The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund.

Price risk The Fund makes transactions in money market securities which must have a minimum rating of R-1 (low) or the equivalent based on the rating of two recognized rating agencies (DBRS, Moody’s, Standard & Poor’s or Fitch). The percentage of assets attributed to the Fund's five major sector exposures must be similar to the weighting of these sectors in the Thomson Reuters/CoreCommodity CRB Index, but it may differ. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.


(%)


($)


($) Thomson Reuters /CoreCommodity CRB Index

+ 5.00 - 5.00

7,248 (7,248)

6,750 (6,750)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable.

U.S. Dollar Cash ($)

Futures Contracts

($)

Total Exposure

($) 2013 725 144,964 145,689 2012 - 134,998 134,998



Change in Exchange

Rate (%)


($)


($)


(7,284) 7,284

(6,750) 6,750

The results of sensitivity analysis conducted with respect to the currency risk represent the Management’s best estimates. Actual results may vary significantly from these estimates.



159


2013 Level 1

($) Level 2

($) Level 3

($) Total

($)

Financial Assets - - - -

Bonds - - - - Equities - - - - Exchange Traded Funds

- - - -

Investment Funds - - - - Derivative Products

1,463 - - 1,463

Money Market - 139,355 - 139,355 Total of Financial Assets

1,463 139,355 - 140,818

Financial Liabilities

Derivative Products

(2,536) - - (2,536)

Total of Financial Liabilities

(2,536) - - (2,536)

2012 Level 1

($) Level 2

($) Level 3

($) Total

($)

Financial Assets

Bonds - - - - Equities - - - - Exchange Traded Funds

- - - -

Investment Funds - - - - Derivative Products

1,061 - - 1,061

Money Market - 126,946 - 126,946 Total of Financial Assets

1,061 126,946 - 128,007


Derivative Products

(2,777) - - (2,777)

Total of Financial Liabilities

(2,777) - - (2,777)

During the period ended December 31, 2013 and 2012, there were no transfers of financial instruments between Levels 1 and 2.

ASTRA FUNDS

NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

160

1. THE FUNDS

ASTRA Funds (hereinafter the “Funds”) are segregated funds constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Funds are owned by the Company and are accounted within its other assets. The Funds are not considered separate legal entities.

The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, or for years ended December 31, with the exception of funds that are opened during the year. In this case, the information presented is related to the period extending from the inception date of the fund to December 31.

List of the Funds available as at December 31, 2013:

ASTRA Funds Managers Fund inception date

Money Market MFS Investment Management Canada Limited December 1, 1997

Treasury Optimum Asset Management September 25, 2008

Fiera Capital Bond Fiera Capital Corporation June 16, 2009

OAM Bond Optimum Asset Management September 25, 2008

PIMCO Bond PIMCO Canada May 27, 2008

Bond Index BlackRock Asset Management July 4, 2005

Conservative Strategy Multiple (page 24) December 7, 1998

Balanced Strategy Multiple (page 27) December 1, 1997

Growth Strategy Multiple (page 30) December 7, 1998

Aggressive Strategy Multiple (page 33) November 14, 2005

Celestia Conservative Multiple (page 36) September 22, 2008

Celestia Balanced Multiple (page 39) September 22, 2008

Celestia Growth Multiple (page 43) September 22, 2008

Celestia Aggressive Multiple (page 45) September 22, 2008

Conservative Fundamental Portfolio Multiple (page 49) September 17, 2009

Balanced Fundamental Portfolio Multiple (page 52) September 17, 2009

Growth Fundamental Portfolio Multiple (page 55) September 17, 2009

Aggressive Fundamental Portfolio Multiple (page 58) September 17, 2009

Sprott / Fiera Capital Canadian Balanced Multiple (page 63) October, 28, 2011

Fidelity Canadian Asset Allocation Fidelity Investments January 7, 2010

Dynamic Power Balanced Dynamic Funds October 28, 2011

Acuity High Income Acuity Investment Management January 24, 2007

UBS Global High Income UBS Global Asset Management November 15, 2007

Guardian Canadian Dividend Equity Guardian Capital LP June 1, 2012

Jarislowsky Fraser Ltd. Canadian Value Equity Jarislowsky Fraser Ltd. November 1, 2001

Triasima Canadian Equity Triasima Inc. Portfolio Management October 2, 2006

Greystone Canadian Growth Equity Greystone Managed Investments November 1, 2001

Montrusco Bolton Canadian Equity Montrusco Bolton Investments May 26, 2011

Canadian Fundamental Equity BlackRock Asset Management September 15, 2009

Canadian Index BlackRock Asset Management December 7, 1998

Canadian Small Cap Equity Fiera Capital Corporation November 1, 2001

MFS U.S. Equity MFS Investment Management Canada Limited December 1, 1997

Tradewinds U.S. Equity Tradewinds Global Investors March 30,2012

U.S. Fundamental Equity BlackRock Asset Management September 15, 2009

U.S. Index BlackRock Asset Management December 7, 1998

International Equity Hexavest Asset Management December 1, 1997

Carnegie International Equity Carnegie Asset Management June 9, 2008

International Fundamental Equity BlackRock Asset Management September 15, 2009

International Index BlackRock Asset Management July 4, 2005

Calamos Global Equity Calamos Investments June 3, 2011

Lazard Global Equity Lazard Asset Management March 31, 2011

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1. THE FUNDS (Cont’d)

ASTRA Funds Managers Fund inception date

Hexavest Hedged Global Equity Hexavest Asset Management September 1, 2009

Lazard Global Small Cap Equity Lazard Asset Management September 15, 2010

Emerging Markets Fundamental Equity BlackRock Asset Management July 23, 2009

Lazard Global Infrastructure Lazard Asset Management June 12, 2007

Presima Global Real Estate Enhanced Yield Presima April 18, 2006

Morgan Stanley Global Real Estate Morgan Stanley Investment Management March 31, 2011

CoreCommodity Management Commodity CoreCommodity Management September 15, 2010

Changes to product offering

Since November 26, 2012, the ASTRA Tradewinds U.S. Equity Fund has been offered to clients covered under the Information Folder. Previously, this fund was offered to institutional clients only.

Closure of Funds

The following Funds were closed and, unless otherwise instructed by unitholders, net assets were transferred to the destination Funds listed below.

ASTRA closed Funds ASTRA destination Funds Closing date

Hong Kong China Fundamental Equity Emerging Markets Fundamental Equity April 27, 2012

Dividend Guardian Canadian Dividend Equity June 1, 2012

MFS McLean Budden Diversified Growth Balanced Strategy December 21, 2012

MFS McLean Budden Canadian Equity Triasima Canadian Equity December 21, 2012

Jarislowsky Fraser Ltd. U.S. Value Equity Tradewinds U.S. Equity December 21, 2012

Addenda Bond Fiera Capital Bond December 21, 2012

Fund holdings

The Company did not holds units of the following Funds as at December 31, 2013 and 2012:

Furthemore, as at December, 2013 and 2012, the pension plans offered to the employees of the Company held units of ASTRA Funds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Presentation of financial statements

These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP), which include estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting years. Actual results may differ from those estimates.

Changes in future accounting standards

Future accounting standards - International Financial Reporting Standards (IFRS)

The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, 2014. The purpose for postponing the mandatory implementation date of the IFRS is to help investment companies and segregated funds offered by Canadian life insurers avoid having to change their current accounting treatment for controlled investees while waiting for the standards for investment companies to be completed. In January 2013, the Accounting Standards Board incorporated into Part 1 of the CPA Canada Handbook – Accounting, the amendments made to IFRS 10 “Consolidated Financial Statements”, to IFRS 12 “Disclosure of Interests in Other Entities” and to IAS 27 “Separate Financial Statements” on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurers account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Funds will adopt the IFRS for the annual financial statements starting January 1, 2014.

Investment valuation

The investments held by the Funds are recorded at fair value, which is determined as follows:

Bonds and money market securities Bonds and money market securities are valued in accordance with the bid price obtained from independent and recognized valuation service providers.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Equities and Exchange Traded Funds Equities and Exchange Traded Funds traded on a recognized stock market are valued in accordance with the bid price recorded on the day of valuation by the stock market where the equities are traded.

Investment fund units Underlying investment fund units are valued at their net asset value per unit established by the manager of the underlying fund on the day of valuation.

Derivative products Futures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded. Forward contracts are valued according at the bid price obtained from recognized independent valuation service providers.

If a security is not actively traded and the bid price or net asset value cannot be reliably obtained, the fair market value is established using a valuation method that uses observable market data wherever possible.

Fair value of financial instruments

The valuation of a financial instrument’s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised of three levels: Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities. A financial instrument’s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment.

Bonds, money market securities and forward contracts are generally classified as Level 2 because the fair value used equals the price valued by external valuation service providers using observable market data.

Equities, exchange traded Funds and futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded.

Units of investment funds are generally classified as Level 1 when the daily net asset value per unit reflects an active market and when redemption of units is available on request. Units of investment funds are generally classified as Level 2 when redemption of units is not available on a daily basis.

Investment transactions and income recognition

Investment transactions are accounted on trade date basis and the cost of investments is calculated based on average cost method. Investment income is recorded on an accrual basis.

The interest income is accrued as earned and the dividend income is recorded on the ex-dividend date.

Distribution income and net realized gains distributed by underlying fund are recorded upon distribution and allocated as established by the underlying fund manager. Income distributed by the underlying fund may include interests and dividends.

Management fee distributions represent amounts received from the underlying fund administrator in compensation for the management expense ratio included in the cost of underlying fund units. These distributions are calculated and recorded daily and monthly.

Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investments are calculated using the average cost of investments and, where applicable, exclude transaction costs which are recorded directly to operations.

Gains or losses realized from the liquidation of derivatives as a hedge are included under “Net realized gain (loss) on sale of investments” in the statement of operations. Gains or losses realized from the liquidation of derivatives for income are included under “Derivative products” in the statement of operations.

Derivative products

As part of their investment policy, the securities Funds may use standard futures or forward contracts as a hedge or for other purposes. The fair value of a future contract represents the gain or loss from its sale on valuation day. When the derivative instruments are used for hedging, the fair value is recorded within its securities in the portfolio. When the derivatives are used for income, the fair value is recorded under “Fair value of derivatives products” in the statement of net assets. Derivatives with a positive fair value are presented under assets while those with a negative fair value are presented under liabilities in the statement of net assets.

Other assets and liabilities

Other assets and liabilities are accounted at cost. Receivables include accrued investment income and amounts receivable from brokers. Accounts payable include amounts payable to brokers and payable performance fee, where applicable. Their carrying value approximates their fair value due to the short-term maturities.

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Foreign currency conversion

Some investments and other assets and liabilities are denominated in foreign currencies. They are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under “Net realized gain (loss) on sale of investments”. Unrealized exchange gains and losses are recorded under “Net unrealized gain (loss) on investments”.

Increase (decrease) in net assets from operations per unit

Increase (decrease) in net assets from operations per unit is obtained by dividing the increase (decrease) in net assets from operations by the weighted average number of units outstanding during the year.

Management expense ratio

Management expense ratio, expressed as an annualized percentage, is calculated by dividing the total expenses by the average net assets for the year.

Reconciliation of net assets to net asset value

Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day.

3. UNITHOLDERS’ EQUITY

The net assets of each Fund are divided into units of equal value and represents unitholders’ equity. The units of Funds have no par value and may be issued in an unlimited number. The price of a Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset value by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Funds’ manager’s office, based on day-end values in Quebec City.

4. MANAGEMENT AND OTHER FEES

In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Funds and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to the Information Folder and unitholder communications as well as any other costs incurred by the Funds.

Certain funds may be required to pay fees related to the Fund‘s performance. This is the case of the ASTRA CoreCommodity Management Commodity Fund which is subject to performance fees based on its returns. These fees correspond to 25% of the cumulative performance over that of the index on the futures contract portion. When the additional cumulative performance is lower than the index, the performance fees are reduced by 25% of the difference between the cumulative performance and the index down to a minimum of zero for the current year. As at December 31, 2013, the balance of performance-related fees payable is $123 (2012 - $68) for class D, $20 (2012 - $26) for class E and $19 (2012 - $14) for class F.

5. FINANCIAL INSTRUMENT RISK

In the normal course of business, the Funds are exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Funds are comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Funds or the underlying funds.

The Funds’ exposure to risk depends on the investment strategies and the types of investments held in the portfolios. The results of risk sensitivity analyses conducted represent management’s best estimates. Actual results may vary significantly from these estimates.

A description of financial risks to which the Fund is exposed is presented in the other documents accompanying the financial statements of each Fund.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments and derivative products are subject to credit risk.

Liquidity risk

Liquidity risk is the risk that the Funds may be unable to meet their obligations in a timely fashion as a result of its inability to liquidate their assets. The Funds are exposed to this risk because of daily redemptions of units.

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5. FINANCIAL INSTRUMENT RISK (Cont’d)

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.

The Funds are exposed to interest rate risk when they hold interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact on cash and money market securities.

Price risk

Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. All securities investments may present a risk of potential financial loss.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates.

The Funds are exposed to currency risk when they hold assets or liabilities denominated in currencies other than the Canadian dollar because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.

6. FINANCIAL RISK MANAGEMENT

The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Funds or underlying funds. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The management of the assets held in the Funds is therefore outsourced and is conducted through external managers.

The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers.

The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds.

External manager selection process

The external manager selection process is used whenever a need arises to launch a new product, improve the Funds’ offering, or replace an existing external manager. The external fund management policy includes evaluation criteria for selecting an external manager, the steps in the selection process and sets forth required approval levels.

Performance evaluation of external managers

The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds.

Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy.

The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.

External management of the Funds

The Company has delegated the management of the risks of the Funds to an external manager of the underlying fund.

The external fund management policy provides for the monitoring and performance evaluation of the managers of the underlying funds. Accordingly, the periodic reviews include a performance review and qualitative monitoring of each of the external managers.

7. CAPITAL MANAGEMENT

The Funds have no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of each Fund. Capital is managed in accordance with the investment objectives of the Funds, which include liquidity management to meet redemption obligations.

8. INCOME TAXES

The Funds qualify as segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Funds and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Funds are not subject to income taxes.

INDEPENDENT AUDITORS’ REPORT

To the Unitholders of the following ASTRA Funds: ASTRA Money Market Fund ASTRA Canadian Fundamental Equity Fund ASTRA Treasury Fund ASTRA Canadian Index Fund ASTRA Fiera Capital Bond Fund ASTRA Canadian Small Cap Equity Fund ASTRA OAM Bond Fund ASTRA MFS U.S. Equity Fund ASTRA PIMCO Bond Fund ASTRA U.S. Fundamental Equity Fund ASTRA Bond Index Fund ASTRA U.S. Index Fund ASTRA Conservative Strategy Fund ASTRA International Equity Fund ASTRA Balanced Strategy Fund ASTRA Carnegie International Equity Fund ASTRA Growth Strategy Fund ASTRA International Fundamental Equity Fund ASTRA Aggressive Strategy Fund ASTRA International Index Fund ASTRA Celestia Conservative Fund ASTRA Hexavest Hedged Global Equity Fund ASTRA Celestia Balanced Fund ASTRA Lazard Global Small Cap Equity Fund ASTRA Celestia Growth Fund ASTRA Emerging Markets Fundamental Equity Fund ASTRA Celestia Aggressive Fund ASTRA Lazard Global Infrastructure Fund ASTRA Conservative Fundamental Portofolio Fund ASTRA Presima Global Real Estate Enhanced Yield Fund ASTRA Balanced Fundamental Portofolio Fund ASTRA CoreCommodity Management Commodity Fund ASTRA Growth Fundamental Portofolio Fund ASTRA Sprott/Fiera Capital Canadian Balanced Fund ASTRA Aggressive Fundamental Portofolio Fund ASTRA Dynamic Power Balanced Fund ASTRA Fidelity Canadian Asset Allocation Fund ASTRA Montrusco Bolton Canadian Equity Fund ASTRA Acuity High Income Fund ASTRA Calamos Global Equity Fund ASTRA UBS Global High Income Fund ASTRA Lazard Global Equity Fund ASTRA Jarislowsky Fraser Ltd. Canadian

Value Equity Fund ASTRA Morgan Stanley Global Real Estate Fund

ASTRA Triasima Canadian Equity Fund ASTRA Guardian Canadian Dividend Equity Fund ASTRA Greystone Canadian Growth Equity Fund ASTRA Tradewinds U.S. Equity Fund [collectively referred to as the “Funds”]

A member firm of Ernst & Young Global Limited

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We have audited the accompanying financial statements of the Funds (the “Funds”), which comprise the statements of net assets and investment portfolio as at December 31, 2013 and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

SSQ, Life Insurance Company Inc. (the “Manager of the Funds”) is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as the Manager of the Funds determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2013 and the results of their operations and their changes in net assets for the year then ended in accordance with Canadian generally accepted accounting principles.

Québec City, Canada February 26, 2014

A member firm of Ernst & Young Global Limited

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ASTRA SIGMA ALPHA GLOBAL MACRO FUND


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NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 15,967 23,450 Positive fair value of derivative products 681 869Cash 2,310 505 Receivables - 15

18,958 24,839

Liabilities Bank overdraft - -Negative fair value of derivative products 41 70Accounts payable - -

41 70

Net Assets 18,917 24,769



Transactional NAV at closing prices of investments 18,931 24,809Adjustment to bid prices of investments (14) (40)









- -

Increase (decrease) in net assets from operations 3,016 (4,701)




DISTRIBUTIONS


OPERATIONS Years ended December 31 2013 2012 $ $ Income (loss) Interest 160 189 Derivative products 3,989 (4,823)

4,149 (4,634)


843 955

Net investment income (loss) 3,306 (5,589)

Net realized gain (loss) on sale of investments (92) (35)Net unrealized gain (loss) on investments (159) 974 Transaction costs (39) (51)

Increase (decrease) in net assets from operations 3,016 (4,701)

Increase (decrease) in net assets from operations per unit 1.25 (1.74)Management Expense Ratio 3.67% 3.52%


FINANCIAL STATEMENTS (in thousands, except number of contracts)


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Par Average FairValue Cost Value

$ $MONEY MARKET (84.41%) Government of Canada, Treasury Bill, 0.89%, 03-27-2014 16,000 15,967 15,967


FAIR VALUE OF DERIVATIVES (3.38%) 640OTHER NET ASSETS (12.21%) 2,310


As December 31, 2013, $3,301 in money market securities were deposited in warranty.

Futures contracts

Contract Value Contract Name Expiration

Number of Contracts Currency Current Value

Gain (Loss)Unrealized

$ $ $1,141 MSCI Taiwan January 2014 36 US 1,103 (38)

(9,879) U.S. Note (20 Years) March 2014 (72) US (9,809) 701,544 Copper March 2014 18 US 1,624 805,575 Eurostoxx 50 March 2014 126 EU 5,746 1711,258 Mex Bolsa March 2014 36 MX 1,255 (3)2,681 Mini Nasdaq 100 March 2014 36 US 2,751 701,693 Mini S&P 500 March 2014 18 US 1,767 741,429 Nikkei 225 March 2014 18 JP 1,482 535,520 TSX 60 March 2014 36 CA 5,638 118

(2,319) Japanese Yen March 2014 (18) US (2,274) 45

8,643 Total of futures contracts 9,283 640



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1. THE FUND

The ASTRA Sigma Alpha Global Macro Fund (hereinafter the “Fund”) is a segregated fund constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Fund are owned by the Company and are accounted within its other assets. The Fund is not considered a separate legal entity. The Fund began its activities on September 30, 2010.

The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, 2013 and 2012.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Presentation of financial statements

These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP), which include estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting periods. Actual results may differ from those estimates.

Changes in accounting standards

Future accounting standards - International Financial Reporting Standards (IFRS)

The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, 2014. The purpose for postponing the mandatory implementation date of the IFRS is to help investment companies and segregated funds offered by Canadian life insurers avoid having to change their current accounting treatment for controlled investees while waiting for the standards for investment companies to be completed. In January 2013, the Accounting Standards Board incorporated into Part 1 of the CPA Canada Handbook – Accounting, the amendments made to IFRS 10 “Consolidated Financial Statements”, to IFRS 12 “Disclosure of Interests in Other Entities” and to IAS 27 “Separate Financial Statements” on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurer’s account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Fund will adopt the IFRS for the annual financial statements starting January 1, 2014.

Investment valuation

The investments held by the Fund are recorded at fair value, which is determined as follows:

Money market securities Money market securities are valued in accordance with the bid price obtained from independent and recognized valuation service providers.

Derivative products Futures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded.

Fair value of financial instruments

The valuation of a financial instrument’s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised three levels:

Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities. A financial instrument’s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment.

Money market securities are generally classified as Level 2 because the fair value used equals the price valued by external valuation service providers using observable market data.

Futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded.



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Investment transactions and income recognition

Investment transactions are accounted on trade date and the cost of investments is calculated based on average cost method. Investment income is recorded on an accrual basis.

Interest income is accrued as it is earned.

Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investment are calculated using the average cost of investments, excluding transaction costs which are recorded directly to operations.

Gains or losses realized from the liquidation of derivatives are included under “Derivative products” in the statement of operations.

Derivative products

As part of the investment policy, the Fund is mainly invested in futures contracts for income. The fair value of a future contract represents the gain or loss from its sale on valuation day and is reported under “Fair value of derivatives products” in the statement of net assets. Derivatives with a positive fair value are presented under assets while those with a negative fair value are presented under liabilities in the statement of net assets.

Other assets and liabilities

Other assets and liabilities are accounted at cost. Receivables include accrued investment income and amounts receivable from brokers. Accounts payable include amounts payable to brokers and payable performance fee. Their carrying value approximates their fair value due to the short-term maturities.

Foreign currency conversion

Some investments and other assets and liabilities are denominated in foreign currencies. These are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under “Net realized gain (loss) on sale of investments”. Unrealized exchange gains and losses are recorded under “Net unrealized gain (loss) on investments”.

Increase (decrease) in net assets from operations per unit

Increase (decrease) in net assets from operations per unit is obtained by dividing the increase (decrease) in net assets from operations by the weighted average number of units outstanding during the year.

Management expense ratio

Management expense ratio, expressed as an annualized percentage, is calculated by dividing the total expenses by the average net assets for the year.

Reconciliation of net assets to net asset value

Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day.

3. UNITHOLDERS’ EQUITY

The net assets of the Fund are divided into units of equal value and represent the unitholders’ equity. The units of the Fund have no par value and may be issued in an unlimited number. The price of the Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Fund’s manager’s office, based on day-end values in Quebec City.

4. MANAGEMENT AND OTHER FEES

In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Fund and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to the information folder and unitholder communications as well as any other costs incurred by the Fund.

The Fund is also subject to performance fees based on its yield. This fee corresponds to 20% on returns in excess of 5%. As at December 31, 2013 and 2012, there were no payable performance fees.



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5. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

2013 Level 1

($) Level 2

($) Level 3

($) Total

($)

Financial Assets

Bonds - - - - Equities - - - - Exchange Traded Funds - - - - Investment Funds - - - - Derivative Products 681 - - 681 Money Market - 15,967 - 15,967 Total of Financial Assets

681 15,967 - 16,648


Derivative Products (41) - - (41) Total of Financial Liabilities

(41) - - (41)

2012 Level 1

($) Level 2

($) Level 3

($) Total

($)

Financial Assets

Bonds - - - - Equities - - - - Exchange Traded Funds - - - - Investment Funds - - - - Derivative Products 869 - - 869 Money Market - 23,450 - 23,450

Total of Financial Assets 869 23,450 - 24,319


Derivative Products (70) - - (70) Total of Financial Liabilities

(70) - - (70)

During the period ended December 31, 2013 and 2012, there were no transfers of financial instruments between Levels 1 and 2.

6. FINANCIAL INSTRUMENT RISK

In the normal course of business, the Fund is exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Fund is comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Fund.

The Fund’s exposure to risk depends on the investment strategy and the types of investments held in the portfolio. The result of the sensibility analysis to which the Fund is exposed represent Management’s best estimate. Actual results may vary significantly from these estimates.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments are subject to credit risk.

Liquidity risk

Liquidity risk is the risk that the Fund may be unable to meet its obligations in a timely fashion as a result of its inability to liquidate its assets. The Fund is exposed to this risk because of daily redemptions of units.



172

6. FINANCIAL INSTRUMENT RISK (Cont’d)

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.

The Fund is exposed to interest rate risk when it holds interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact in cash and money market securities.

Price risk

Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded on the market. All securities investments may present a risk of potential financial loss.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates.

The Fund is exposed to currency risk when it hold assets or liabilities denominated in a currency other than the Canadian dollar, because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.

7. FINANCIAL RISK EXPOSURE

Fund objective

The fundamental investment objective of this Fund is to obtain a return on 91-day treasury bills while controlling the volatility significantly below that of the markets.

The Fund is mainly invested in futures contracts in the following worldwide indices (including emerging markets), bonds, currencies and commodities. It may also be invested in fixed income Canadian securities and money market securities. The Fund may hold units of funds corresponding to the above-mentioned securities.

The investment approach of the external manager, Sigma Alpha Capital, is to implement a tactical and strategic asset allocation strategy for the four main asset classes: stock index, bonds, currencies and commodities. The investment process is based on a close analysis of economic cycles around the world combined with rigorous risk management parameters.

Credit risk As at December 31, 2013 and 2012, the Fund holds money market securities and derivatives. Consequently, the Fund is exposed to credit risk. The money market securities have R-1 High credit rating according to the DBRS credit rating agency. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. Liquidity risk

The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level.

As at December 31, 2013 and 2012, the Fund has no securities loans.

Interest rate risk

The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund.

Price risk

The Fund’s most significant exposure to price risk arises from its investment in standardized futures contracts. As at December 31, 2013, had the prices on the respective stock exchanges for these securities increased or decreased by 5%, with all other variables held constant, net assets would have increased or decreased by approximately $464 (2012 - $2,047). The results of sensitivity analysis conducted with respect to the price risk represent the Management’s best estimates. In practice, the actual trading results may differ and the difference could be significant.



173

7. FINANCIAL RISK EXPOSURE (Cont’d)

Currency risk

The table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable.

2013 2012

Currency Cash

($)

Futures Contracts

($)

Total Exposure ($)

Cash ($)

Futures Contracts

($)

Total Exposure ($)

Australian Dollar (136) - (136) (426) 3,314 2,888 Euro (102) 5,746 5,644 (1,844) - (1,844) Hong Kong Dollar (171) - (171) 255 3,783 4,038 Japanese Yen 365 1,482 1,847 92 4,706 4,798 Pound Sterling (6) - (6) (73) - (73) Mexican Peso 32 1,255 1,287 - - - Singapore Dollar (128) - (128) 143 3,042 3,185 South African Rand 1 - 1 1 - 1 South Korean Won 315 - 315 257 3,234 3,491 U.S. Dollar 1,711 (4,838) (3,127) (3,382) 22,854 19,472 Total 1,881 3,645 5,526 (4,977) 40,933 35,956


The results of sensitivity analysis conducted with respect to the currency risk represent the Management’s best estimates. Actual results may vary significantly from these estimates.

8. FINANCIAL RISK MANAGEMENT

The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Fund. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The Fund's asset management is outsourced and managed by an external investment manager, Sigma Alpha Capital.

The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers.

The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds.

External manager selection process

The external manager selection process is used whenever a need arises to launch a new product, improve the Funds’ offering, or replace an existing external manager. The external fund management policy includes evaluation criteria for selecting an external manager, the steps in the selection process and sets forth required approval levels.

Performance evaluation of external managers

The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds.

Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy.

The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.

Against Other Currencies Change in

Exchange Rate (%)


($)


($)


(276) 276

(1,798) 1,798



174

9. CAPITAL MANAGEMENT

The Fund has no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of the Fund. Capital is managed in accordance with the investment objectives of the Fund, which include liquidity management to meet redemption obligations.

10. INCOME TAXES

The Fund qualifies as a segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Fund and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Fund is not subject to income taxes.

INDEPENDENT AUDITOR’S REPORT

To Unitholders of ASTRA Sigma Alpha Global Macro Fund,

We have audited the accompanying financial statements of ASTRA SIGMA ALPHA GLOBAL MACRO FUND, which comprise the statement of the net assets and investment portfolio as at December 31, 2013, and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position and holdings of ASTRA Sigma Alpha Global Macro Fund as at December 31, 2013, and the results of its operations and its change in net assets for the year then ended, in accordance with Canadian generally accepted accounting principles.

1

Mallette L.L.P. Partnership of Chartered Professional Accountants Quebec, Canada February 26, 2014

1 CPA auditor, CA, public accountancy permit No. A110548

Mallette S.E.N.C.R.L. Société de comptables professionnels agréés

200-3075 chemin des Quatre-Bourgeois Québec QC G1W 5C4

Téléphone (418) 653-4431 Télécopie (418) 656-0800 Courriel [email protected]

175

ASTRA FUNDS

APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

176

FINANCIAL HIGHLIGHTS

Distributions are in dollars per unit. Net asset is in thousands of dollars. Management expense ratio, in annualized percentage, is calculated dividing total expenses by daily average of net asset during the year.

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009

Money Market (1)

Distributions Net investment income Class A ‐ ‐ ‐ ‐ 0.01 Net investment income Class C 0.11 0.11 0.12 0.05 ‐ Net realized gain Class A ‐ ‐ ‐ ‐ ‐ Net realized gain Class C ‐ ‐ ‐ ‐ ‐ Total annual distributions 0.11 0.11 0.12 0.05 0.01Net asset value per unit Class A 10.00 10.00 10.00 10.00 10.00Net asset value per unit Class C 10.00 10.00 10.00 10.00 ‐

Net assets 35,028 10,994 13,016 11,691 20,177

Number of units outstanding Class A 731,670 634,127 672,929 763,699 2,017,719

Number of units outstanding Class C 2,771,130 465,249 628,685 405,434 ‐

Management expense ratio Class A 1.62 1.48 1.47 1.47 1.47

Management expense ratio Class C ‐ ‐ ‐ 0.01 ‐(1) Class C available since July 2, 2010.

TreasuryDistributions Net investment income ‐ 0.08 0.15 0.09 0.15 Net realized gain ‐ ‐ 0.01 ‐ ‐ Total annual distributions ‐ 0.08 0.16 0.09 0.15

Net asset value per unit 10.65 10.68 10.67 10.58 10.60

Net assets 74,669 45,689 42,951 27,872 14,610

Number of units outstanding 7,014,914 4,282,041 4,028,732 2,637,474 1,379,413

Management expense ratio 2.07 1.89 1.89 1.89 1.89

Portfolio turnover rate 196.44 84.98 82.31 97.91 154.85

Fiera Capital BondDistributions Net investment income ‐ ‐ 0.17 0.21 0.30 Net realized gain ‐ ‐ 0.19 0.01 0.18 Total annual distributions ‐ ‐ 0.36 0.22 0.48

Net asset value per unit 10.52 10.93 10.64 10.13 9.82

Net assets 322,435 382,633 184,370 126,127 32,813




ASTRA FUNDS


177

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009OAM BondDistributions Net investment income ‐ 0.09 0.19 0.18 0.08 Net realized gain ‐ ‐ 0.13 0.03 0.12 Return of capital ‐ ‐ ‐ ‐ 0.01 Total annual distributions ‐ 0.09 0.32 0.21 0.21Net asset value per unit 10.63 10.87 10.77 10.47 10.38

Net assets 40,927 68,334 59,025 62,664 17,927




PIMCO BondDistributions Net investment income ‐ 0.14 0.19 0.18 0.08 Net realized gain ‐ ‐ 0.01 0.49 0.55 Total annual distributions ‐ 0.14 0.20 0.67 0.63Net asset value per unit 9.85 10.14 9.87 9.67 9.69

Net assets 122,487 134,606 96,013 72,342 62,246




Bond IndexDistributions Net investment income ‐ 0.08 0.21 0.19 0.19 Net realized gain ‐ ‐ 0.12 0.08 0.04 Total annual distributions ‐ 0.08 0.33 0.27 0.23Net asset value per unit 10.70 11.08 10.99 10.53 10.33

Net assets 47,581 60,550 56,894 49,949 47,186




Conservative StrategyDistributions Net investment income ‐ ‐ 0.11 0.11 0.15 Net realized gain ‐ ‐ 0.18 0.07 ‐ Return of capital ‐ ‐ 0.04 ‐ ‐ Total annual distributions ‐ ‐ 0.33 0.18 0.15Net asset value per unit 11.16 10.61 10.24 10.66 10.27

Net assets 100,144 88,714 70,479 58,492 39,947




ASTRA FUNDS


178

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Balanced StrategyDistributions Net investment income ‐ ‐ 0.05 0.06 0.06 Net realized gain ‐ ‐ 0.10 0.14 ‐ Total annual distributions ‐ ‐ 0.15 0.20 0.06Net asset value per unit 11.04 10.04 9.56 9.92 9.45

Net assets 261,328 232,395 204,812 199,087 161,393




Growth StrategyDistributions Net investment income ‐ ‐ 0.02 0.03 0.04 Net realized gain ‐ ‐ 0.05 0.14 ‐ Total annual distributions ‐ ‐ 0.07 0.17 0.04Net asset value per unit 12.30 10.79 10.20 10.80 10.21

Net assets 69,600 61,532 55,337 54,247 43,445




Aggressive StrategyDistributions Net investment income ‐ ‐ ‐ 0.01 0.01 Net realized gain ‐ ‐ 0.03 0.12 ‐ Total annual distributions ‐ ‐ 0.03 0.13 0.01Net asset value per unit 11.17 9.51 8.95 9.58 8.96

Net assets 21,352 14,367 13,351 12,262 8,393

Number of units outstanding 1,911,530 1,510,347 1,492,263 1,279,411 936,255



Celestia ConservativeDistributions Net investment income ‐ ‐ 0.09 0.11 0.13 Net realized gain ‐ ‐ 0.21 0.06 0.16 Total annual distributions ‐ ‐ 0.30 0.17 0.29Net asset value per unit 10.98 10.42 9.99 10.25 9.81

Net assets 48,869 28,451 15,597 10,002 4,401

Number of units outstanding 4,452,348 2,729,814 1,561,655 975,584 448,505



ASTRA FUNDS


179

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Celestia BalancedDistributions Net investment income ‐ ‐ 0.03 0.08 0.11 Net realized gain ‐ ‐ 0.16 0.16 0.16 Total annual distributions ‐ ‐ 0.19 0.24 0.27Net asset value per unit 11.02 10.05 9.50 9.98 9.43

Net assets 91,959 56,337 39,395 29,288 11,302




Celestia GrowthDistributions Net investment income ‐ ‐ 0.01 0.04 0.08 Net realized gain ‐ ‐ 0.17 0.15 0.20 Total annual distributions ‐ ‐ 0.18 0.19 0.28Net asset value per unit 11.35 10.05 9.43 10.11 9.47

Net assets 41,625 26,450 18,398 12,332 6,800




Celestia AggressiveDistributions Net investment income ‐ ‐ ‐ 0.02 0.05 Net realized gain ‐ ‐ 0.20 0.05 0.17 Return of capital ‐ ‐ ‐ 0.04 ‐ Total annual distributions ‐ ‐ 0.20 0.11 0.22Net asset value per unit 11.21 9.62 8.95 9.78 9.12

Net assets 32,283 20,815 15,836 10,594 5,435




Conservative Fundamental PortfolioDistributions Net investment income ‐ 0.01 0.06 ‐ ‐ Net realized gain ‐ ‐ 0.02 ‐ ‐ Total annual distributions ‐ 0.01 0.08 ‐ ‐Net asset value per unit 11.38 10.91 10.53 10.56 9.98

Net assets 17,157 16,630 12,081 7,631 847



Portfolio turnover rate 17.35 47.51 12.84 9.13 ‐

ASTRA FUNDS


180

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Balanced Fundamental PortfolioDistributions Net investment income ‐ 0.01 ‐ ‐ 0.03 Net realized gain ‐ ‐ 0.03 ‐ ‐ Total annual distributions ‐ 0.01 0.03 ‐ 0.03Net asset value per unit 11.76 10.68 10.11 10.56 9.92

Net assets 47,158 37,594 29,641 17,568 1,916




Growth Fundamental PortfolioDistributions Net investment income ‐ ‐ ‐ ‐ 0.05 Net realized gain ‐ ‐ 0.07 ‐ ‐ Total annual distributions ‐ ‐ 0.07 ‐ 0.05Net asset value per unit 11.91 10.53 9.90 10.55 9.87

Net assets 26,063 19,717 16,950 12,549 3,376




Aggressive Fundamental PortfolioDistributions Net investment income ‐ ‐ ‐ ‐ 0.05 Net realized gain ‐ ‐ 0.03 ‐ ‐ Total annual distributions ‐ ‐ 0.03 ‐ 0.05Net asset value per unit 12.11 10.46 9.75 10.58 9.89

Net assets 19,816 15,441 10,898 6,777 1,195




Sprott / Fiera Capital Canadian Balanced Distributions Net investment income ‐ ‐ 0.04 ‐ ‐ Net realized gain ‐ ‐ 0.05 ‐ ‐ Total annual distributions ‐ ‐ 0.09 ‐ ‐Net asset value per unit 6.83 8.57 9.22 ‐ ‐

Net assets 3,212 4,101 789 ‐ ‐

Number of units outstanding 470,290 478,672 85,632 ‐ ‐

Management expense ratio 3.67 3.42 3.36 ‐ ‐

Portfolio turnover rate 32.31 12.31 ‐ ‐ ‐

ASTRA FUNDS


181

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Fidelity Canadian Asset AllocationDistributions Net investment income ‐ ‐ 0.07 0.06 ‐ Net realized gain ‐ ‐ 0.24 0.14 ‐ Total annual distributions ‐ ‐ 0.31 0.20 ‐Net asset value per unit 10.95 10.01 9.79 10.71 ‐

Net assets 44,226 45,331 35,436 6,824 ‐

Number of units outstanding 4,040,025 4,526,839 3,617,941 637,412 ‐

Management expense ratio 2.93 2.69 2.68 2.68 ‐


Dynamic Power BalancedDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 11.14 9.98 9.59 ‐ ‐

Net assets 9,990 5,422 1,233 ‐ ‐

Number of units outstanding 896,849 543,277 128,586 ‐ ‐



Acuity High IncomeDistributions Net investment income 0.04 0.05 0.01 0.03 0.07 Net realized gain ‐ ‐ ‐ ‐ ‐ Return of capital 0.26 0.25 0.29 0.34 0.23 Total annual distributions 0.30 0.30 0.30 0.37 0.30Net asset value per unit 7.33 7.47 7.72 8.61 8.05

Net assets 66,294 86,601 94,076 75,336 47,823




UBS Global High IncomeDistributions Net investment income ‐ 0.05 ‐ ‐ ‐ Net realized gain 0.01 0.01 0.01 ‐ ‐ Return of capital 0.29 0.24 0.29 0.30 0.30 Total annual distributions 0.30 0.30 0.30 0.30 0.30Net asset value per unit 6.31 5.88 5.58 6.37 6.33

Net assets 44,531 22,649 14,660 16,193 13,504




ASTRA FUNDS


182

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Guardian Canadian Dividend EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 12.58 11.08 ‐ ‐ ‐

Net assets 42,228 17,603 ‐ ‐ ‐

Number of units outstanding 3,356,207 1,588,590 ‐ ‐ ‐

Management expense ratio 2.74 2.54 ‐ ‐ ‐


Jarislowsky Fraser Ltd. Canadian Value EquityDistributions Net investment income ‐ ‐ 0.01 ‐ 0.01 Net realized gain ‐ ‐ 0.16 0.35 0.05 Total annual distributions ‐ ‐ 0.17 0.35 0.06Net asset value per unit 20.36 17.08 15.93 17.55 16.59

Net assets 181,097 199,032 213,871 243,754 208,473




Triasima Canadian Equity (2)

Distributions Net investment income ‐ ‐ 0.03 0.08 0.05 Net realized gain ‐ ‐ 0.08 0.66 ‐ Total annual distributions ‐ ‐ 0.11 0.74 0.05Net asset value per unit 13.77 11.38 10.61 11.03 9.70

Net assets 194,508 106,816 44,069 10,487 7,658



Portfolio turnover rate 8.31 0.66 5.39 15.11 15.63(2) Fund available to an individual contract since September 30, 2009.

Greystone Canadian Growth EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 13.28 11.44 10.91 13.21 11.52

Net assets 34,749 45,524 57,261 74,810 70,349




ASTRA FUNDS


183

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Montrusco Bolton Canadian EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 10.49 8.88 8.34 ‐ ‐

Net assets 23,859 19,410 6,030 ‐ ‐

Number of units outstanding 2,278,674 2,189,298 724,606 ‐ ‐


Portfolio turnover rate 42.29 48.00 111.00 ‐ ‐

Canadian Fundamental EquityDistributions Net investment income ‐ ‐ ‐ ‐ 0.11 Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ 0.11Net asset value per unit 11.93 10.53 9.78 10.90 9.67

Net assets 27,130 21,483 2,270 2,531 670

Number of units outstanding 2,280,597 2,045,644 232,036 232,262 69,258



Canadian IndexDistributions Net investment income ‐ ‐ ‐ ‐ 0.02 Net realized gain ‐ ‐ 0.03 ‐ ‐ Total annual distributions ‐ ‐ 0.03 ‐ 0.02Net asset value per unit 11.96 10.88 10.41 11.73 10.23

Net assets 17,308 37,234 40,399 21,828 18,518




Canadian Small Cap EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ 0.18 ‐ ‐ Return of capital ‐ ‐ ‐ 0.94 ‐ Total annual distributions ‐ ‐ 0.18 0.94 ‐Net asset value per unit 15.87 12.22 12.31 13.77 11.21

Net assets 40,651 50,005 50,718 51,983 39,972




ASTRA FUNDS


184

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009MFS U.S. EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 9.49 6.91 6.17 6.44 6.32

Net assets 28,950 26,475 76,701 109,369 22,960




Tradewinds U.S. Equity (3)

Distributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 12.85 9.64 ‐ ‐ ‐

Net assets 22,519 12,999 ‐ ‐ ‐

Number of units outstanding 1,751,845 1,349,072 ‐ ‐ ‐

Management expense ratio 3.33 3.05 ‐ ‐ ‐

Portfolio turnover rate 45.03 64.26 ‐ ‐ ‐(3) Fund available to an individual contract since November 26, 2012.

U.S. Fundamental EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 16.16 11.44 10.45 10.55 9.80

Net assets 26,267 14,224 512 194 25




U.S. IndexDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 8.74 6.39 5.81 5.72 5.40

Net assets 25,299 14,634 8,804 6,160 5,459




ASTRA FUNDS


185

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009International EquityDistributions Net investment income ‐ ‐ ‐ 0.05 ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ 0.05 ‐Net asset value per unit 8.38 6.71 6.22 6.83 7.09

Net assets 131,995 136,518 88,512 93,946 63,476




Carnegie International EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ 0.01 ‐ Total annual distributions ‐ ‐ ‐ 0.01 ‐Net asset value per unit 10.97 9.23 7.82 8.22 7.69

Net assets 73,390 57,399 43,420 41,746 33,770




International Fundamental EquityDistributions Net investment income ‐ ‐ 0.01 ‐ 0.06 Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.01 ‐ 0.06Net asset value per unit 10.93 8.46 7.72 9.04 9.32

Net assets 17,900 13,420 121 47 25




International IndexDistributions Net investment income ‐ ‐ 0.03 ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.03 ‐ ‐Net asset value per unit 11.00 8.65 7.75 8.86 8.91

Net assets 33,296 34,730 28,233 14,849 12,590




ASTRA FUNDS


186

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Calamos Global EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 11.04 9.52 9.42 ‐ ‐

Net assets 23,541 19,847 13,171 ‐ ‐

Number of units outstanding 2,134,234 2,085,971 1,399,885 ‐ ‐



Lazard Global EquityDistributions Net investment income ‐ ‐ 0.07 ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.07 ‐ ‐Net asset value per unit 12.26 10.07 9.32 ‐ ‐

Net assets 53,844 50,628 28,432 ‐ ‐




Hexavest Hedged Global Equity (4)

Distributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ 0.08 0.14 ‐ Total annual distributions ‐ ‐ 0.08 0.14 ‐Net asset value per unit 12.95 10.58 9.71 10.39 ‐

Net assets 26,601 22,149 20,662 27,007 ‐

Number of units outstanding 2,054,037 2,093,158 2,127,361 2,598,350 ‐


Portfolio turnover rate 29.32 11.55 30.29 6.51 ‐(4) Fund available to an individual contract since September 15, 2010.

Lazard Global Small Cap EquityDistributions Net investment income ‐ ‐ ‐ 0.04 ‐ Net realized gain ‐ ‐ ‐ 0.25 ‐ Total annual distributions ‐ ‐ ‐ 0.29 ‐Net asset value per unit 16.13 11.31 9.95 11.09 ‐

Net assets 40,164 27,341 17,571 5,278 ‐

Number of units outstanding 2,489,972 2,416,837 1,765,521 475,863 ‐



ASTRA FUNDS


187

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009Emerging Markets Fundamental EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 10.14 10.64 9.78 12.28 11.39

Net assets 68,898 70,490 24,065 21,644 6,827




Lazard Global InfrastructureDistributions Net investment income ‐ ‐ 0.12 0.12 0.09 Net realized gain ‐ ‐ 0.17 0.01 ‐ Total annual distributions ‐ ‐ 0.29 0.13 0.09Net asset value per unit 9.86 7.89 6.84 7.32 6.98

Net assets 51,974 38,892 25,489 18,370 14,412




Presima Global Real Estate Enhanced Yield (5)

Distributions Net investment income ‐ ‐ 0.05 ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.05 ‐ ‐Net asset value per unit 7.40 7.63 6.47 ‐ ‐

Net assets 4,452 23,202 18,617 ‐ ‐

Number of units outstanding 601,762 3,039,625 2,875,922 ‐ ‐


Portfolio turnover rate 16.19 4.02 145.19 ‐ ‐(5) Fund available to an individual contract since June 3, 2011.

Morgan Stanley Global Real EstateDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 11.60 10.74 8.59 ‐ ‐

Net assets 61,708 41,365 21,789 ‐ ‐




ASTRA FUNDS


188

ASTRA Funds

December 31,

2013

December 31,

2012

December 31,

2011

December 31,

2010

December 31,

2009

CoreCommodity Management Commodity (6)

Distributions Net investment income Class A ‐ ‐ ‐ 1.51 ‐ Net investment income Class C ‐ ‐ ‐ 1.72 ‐ Net investment income Class D ‐ ‐ ‐ 1.68 ‐ Net investment income Class E ‐ ‐ ‐ 1.69 ‐ Net investment income Class F ‐ ‐ ‐ ‐ ‐ Net realized gain Class A ‐ ‐ ‐ ‐ ‐ Net realized gain Class C ‐ ‐ ‐ ‐ ‐ Net realized gain Class D ‐ ‐ ‐ ‐ ‐ Net realized gain Class E ‐ ‐ ‐ ‐ ‐ Net realized gain Class F ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ 6.60 ‐Net asset value per unit Class A 8.18 8.84 9.40 10.36 ‐Net asset value per unit Class C 9.79 10.22 10.52 11.26 ‐Net asset value per unit Class D 9.74 10.18 10.50 11.26 ‐Net asset value per unit Class E ‐ 10.19 10.51 11.26 ‐Net asset value per unit Class F 8.10 8.49 8.78 ‐ ‐Net assets 141,151 128,115 102,749 66,322 ‐Number of units outstanding Class A 3,059,799 2,327,136 1,868,160 17,535 ‐Number of units outstanding Class C 4,088,671 3,663,262 2,975,402 1,833,176 ‐Number of units outstanding Class D 6,812,289 4,566,599 3,366,941 2,930,502 ‐Number of units outstanding Class E ‐ 1,511,667 1,359,844 1,135,956 ‐Number of units outstanding Class F 1,200,630 1,200,640 589,299 ‐ ‐Management expense ratio Class A 3.67 3.36 3.36 3.36 ‐Management expense ratio Class C 0.17 0.14 ‐ ‐ ‐Management expense ratio Class D 0.36 0.31 0.88 0.54 ‐Management expense ratio Class E ‐ 0.31 0.90 0.46 ‐Management expense ratio Class F 0.59 0.61 0.67 ‐ ‐Portfolio turnover rate s.o. s.o. s.o. s.o. ‐(6) Class F available since M arch 18, 2011.

Sigma Alpha Global MacroDistributions Net investment income ‐ ‐ ‐ 0.09 ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ 0.09 ‐Net asset value per unit 10.42 9.10 10.39 10.26 ‐Net assets 18,917 24,769 17,626 2,527 ‐Number of units outstanding 1,816,347 2,724,885 1,701,479 246,865 ‐Management expense ratio 3.67 3.52 6.09 5.66 ‐Portfolio turnover rate s.o. s.o. s.o. s.o. ‐

BRA724A-2 (2014-02)

ASTRA FUNDSAudited Financial Statements December 31, 2013

MONTREAL SALES OFFICETel.: 1-855-425-0904Fax: 1-866-606-2764

ONTARIO, WESTERN AND ATLANTIC REGIONAL SALES OFFICETel.: 1-888-429-2543Fax: 416-928-8515

QUEBEC CITY SALES OFFICETel.: 1-888-900-3457Fax: 1-866-559-6871

CLIENT SERVICESP.O. Box 10510, Stn Sainte-FoyQuebec QC G1V 0A3

1245 Chemin Sainte-Foy, Suite 210 Quebec QC G1S 4P2

Tel.: 1-800-320-4887Fax: 1-866-559-6871

[email protected]

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